How Elon Musk lost World’s richest person rank to become ‎most wealth loser in history?‎

“Bloomberg” said that billionaire Elon Musk has become the first person to lose $ 200 billion of his wealth in history.

It added that according to its “Bloomberg Billionaires Index, Musk’s wealth, CEO of “Tesla”, “SpaceX” and “Twitter”, amounted to $ 137 billion, and he is ranked second in the list of the world’s richest people behind Bernard Arnault, Chairman of the Board of Directors. The management of the “LVMH” company, as reported by CNN.

The agency pointed out that Elon Musk’s wealth was $340 billion in November 2021, and that Tesla was acquiring the bulk of the wealth, but after the company’s share fell by 65% in 2022, the demand for it weakened due to the intensification of competition in cars. Electric cars were among the well-known automakers last year, and Tesla failed to achieve growth goals and cut production in China, and announced, on Monday, the delivery of cars in the fourth quarter of last year, below Wall Street estimates.

Evidence of diminishing car buyer interest in Tesla became clear last month after the company announced a rare sale in an effort to clear its inventory of cars.

The company offered two discounts to buyers who receive a car before the end of the year, as it initially provided a discount of $ 3,750, then doubled the discount to $ 7,500 with two weeks remaining in 2022, but this caused a shake-up of investor confidence in the company, which led to a decline Its shares increased by 37% in December

Critics have long asked whether Tesla is worth the trillion dollars it had at the beginning of 2022.

Tesla was worth, at the peak of its success, more than 12 of the largest automakers combined, despite owning a fraction of its sales, but the company ended the year with a value of $386 billion, which is still much greater than the value of Tesla, its competitors in the auto industry, but much smaller than the technology giants, with which it was compared a year ago.

Elon Musk’s $44 billion purchase of Twitter didn’t help Tesla shares or his personal wealth either. Musk, who is Tesla’s largest shareholder, has sold $23 billion worth of shares since announcing his interest in Twitter in February.

His constant tweets on Twitter and his increasingly erratic behavior, especially after he assumed the position of CEO of the position, angered Tesla investors, who wanted him to give more attention to his largest and most valuable company.

On the other hand, Musk defended himself against the critics, saying that he “has not missed any major Tesla meeting since he took charge of Twitter.”

Tesla’s stock may rebound, and Elon Musk could once again become the richest person in the world, but his reputation as a genius suffered some serious damage in 2022, almost as much as the damage to his personal wealth.