Elon Musk has made history by becoming the first person to lose $200billion after a big downturn in Tesla's stock price. According to the Bloomberg Billionaires Index, Musk lost $208bn - about £172bn - in the last 13 months, reports the Mirror.
This is believed to be the biggest ever financial loss of an individual's net worth and was more than half of Mr Musk's total portfolio, which peaked at $338bn in November 2021. Tesla lost 70% of its value following production delays in China, vehicle recalls, and concerns among investors that Musk has become distracted by his recent ownership of Twitter.
Musk has lost his spot as the world's richest man to French businessman Bernard Arnault, a French business magnate, investor, and art collector who is the co-founder of the world's largest luxury goods company - LVMH Moët Hennessy – Louis Vuitton SE.
Last year, Musk spent around £36bn to buy social media company Twitter and soon made huge cuts to staff including many of its top executives. He soon made sweeping changes and even proposed charging users $20 a month to pay for their blue verification tick, which did not go down well with many.
Microsoft’s Bill Gates, Amazon’s Jeff Bezos, Oracle’s Larry Ellison and Google's Larry Page have lost more than $180bn combined since last January.
