- Elon Musk, once the world’s richest man, is overtaken by Bernard Arnault of LVMH.
- The Tesla owner became the first person in history to lose $200 billion in net worth.
- Tesla Stock Fell 65% in 2022, its biggest-ever annual decline.
Twitter CEO Elon Musk’s net worth was $340 billion until November 4, 2021, making him the richest person in the world. However, Musk’s fortune dropped to $137 billion, last month. Bernhard Arnault, the owner of LVMH luxury goods company, has overtaken with a net worth of over $179 billion.
Specifically, Tesla stock experienced a 65% drop, its biggest annual plunge in 2022. Tesla has lost 69% of its value, due to Musk’s purchase of Twitter and associated diversions, and market anxiety regarding growth assets.
Moreover, the high inflation and increasing interest rates may have stifled customer excitement for EVs. This caused a dramatic 11% decline in Tesla stock last week.
Tesla is now offering its two most popular models at a $7,500 discount to US customers, and its Shanghai factory is reported to have reduced production.
Musk bought the social networking site, Twitter, in late October for $44 billion. Tesla is no longer Musk’s largest asset because he sold a sizable portion of the car company to help pay for his purchase of Twitter.
In a recent podcast interview, Musk cautioned listeners about the risks of borrowing money during a tumultuous market period.
I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep the powder dry. You can get some pretty extreme things happening in a down market.
In January 2023, Elon Musk’s SpaceX Falcon 9 will lift off. He tweeted in May 2021 that Dogecoin (DOGE), the first meme crypto, will be used to pay for the entire voyage.
The tweet raised the price of Dogecoin (DOGE), which is now trading at a 90% lower price of $0.072, to an all-time high of $0.74. Experts claim that only time will tell whether Dogecoin (DOGE) can endure in space or if the weight of the pressure causes its value to decline.