Elon Musk becomes first person to lose $200 billion after Twitter takeover: Report

By Team Newsable | First Published Jan 1, 2023, 11:40 AM IST

Elon Musk was the second person ever to amass a personal fortune of more than $200 billion, breaching that threshold in January 2021, months after Jeff Bezos. The Tesla Inc. chief executive officer has now achieved a first of his own: becoming the only person in history to erase $200 billion from their net worth.

Elon Musk, the new CEO of Twitter, has suffered losses of about $200 billion. According to Bloomberg, he is the only individual in history to have lost such a large sum. After Jeff Bezos, Musk was the second individual with a personal worth over $200 billion. It's interesting to note that in January 2021, Musk has surpassed all other billionaires. Musk's declining fortune was a result of Tesla's stock price fall.

In November 2021, Musk's stock reached its all-time high, according to a Bloomberg report. He hasn't improved after then though. Musk is the second person to amass $200 billion after Jeff Bezos. Musk was at the top of the Bloomberg Billionaires Index, but LVMH CEO Bernard Arnault has since passed him. Musk’s net worth was previously $338 billion.It has now dropped to $132 billion.

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Tesla's stock price dropped after Musk paid $44 billion to buy Twitter. “Don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognise that,” Musk was quoted as saying by Reuters.

Since Musk took over the firm, Twitter's future has been in danger. Top executives including CEO Parag Agrawal, CFO New Segal, and policy director Vijaya Gadde were sacked by him. After that, Musk also let go of close to 50% of the staff.

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Musk conducted a poll on Twitter wanting to know if he should step down as the Twitter CEO. As expected, the polls suggested that he should resign. In a different post, Musk said that he would only quit as CEO of Twitter if he could find a foolhardy replacement.

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