Twitter’s new owner and Tesla founder became the second person to amass a fortune of over $200 billion in January 2021. The first person to do this was Jeff Bezos.

However, now Elon Musk has achieved what no one else has been able to. Lose $200 billion of your fortune.

The 51-year-old Musk’s fortune has dwindled to $137 billion amid a sharp drop in Tesla shares.

According to Bloomberg, his net worth peaked on November 4, 2021, reaching $340 billion.

Until a few weeks ago, he remained the richest man on the planet, only to finally be replaced by Frenchman Bernard Arnault, owner of luxury goods giant LVMH.

Problems for Tesla

Recall that in October 2021, the capitalization of Tesla crossed the mark of 1 trillion. dollars, thus joining the club of technology giants such as Apple, Microsoft, Amazon and Alphabet (Google). And this despite the fact that its models occupy a very small share of the car market.

To date, however, traditional automakers have overcome much of what separated them from Tesla in the field of electrification. Amid intensifying competition and one crisis in the global economy, the company is offering US consumers a $7,500 discount on its two most popular models while it is reportedly preparing to cut production at its Shanghai plant.

Meanwhile, as Tesla struggles to bounce back, Musk has been preoccupied with Twitter, which he bought for $44 billion (and sold shares in his automaker) last October.

Tesla shares are down 65% in 2022 and Musk has sold too many of his shares. According to Bloomberg estimates, his stake in SpaceX is $44.8 billion and in Tesla is $44 billion.

Musk reassuring

Of course, Elon Musk himself has repeatedly dismissed concerns about Tesla and attributed the market turmoil and declining fortunes of the Federal Reserve to aggressively raising interest rates.

“Tesla is doing better than ever,” he tweeted Dec. 16. “We don’t control the Federal Reserve. That’s the real problem.”