Source: BRITTA PEDERSEN / Getty
Apparently, Elon Musk—the man many people hail as a business genius in the tech world—has made a significant achievement no other person on Earth has made before. He’s the first person to ever lose $200 billion in USD of his net worth.
It appears that Musk’s acquisition of Twitter hasn’t turned out to be the great addition to his empire he hoped it would be.
From Hypebeast:
The news comes nearly two years after Musk became the second ever person to amass a fortune of over $200 billion USD in January 2021, after Jeff Bezos. His fast decline in wealth comes following the drastic drop in Twitter’s value by 56%.
Musk’s fortune saw a peak at $340 billion USD in November 4, 2021, and held the title as the world’s richest person until LVMH CEO Bernard Arnault overtook Musk the following month. In 2021, Musk enjoyed the great successes brought on by Tesla’s dominance and growth. In October 2021, Tesla exceeded $1 trillion USD in market capitalization, joining major tech companies like Apple Inc., Microsoft Corp., Amazon.com Inc. and Google parent Alphabet Inc.
However, since the acquisition of Twitter, his attention has been divided, jeopardizing Tesla’s positioning in the electric vehicles market as competitors catch up. Now, American customers are offered a discounted rate, while production has reportedly reduced at its Shanghai plant. As consumers and stakeholders continue to place intensifying pressures on Tesla, his fate at Twitter seems to be bleak, especially since he has announced his resignation from the platform as soon as he finds a replacement.
In 2022, Tesla shares have fallen to 65%. Musk has also sold a majority of its shares to cover his purchase of Twitter.
To be one of the wealthiest men in the world, Musk sure has been giving broke energy since the Twitter purchase, hasn’t he? According to CNN, a commercial landlord recently filed a lawsuit against Twitter for breach of contract after the company allegedly failed to pay rent for one of its offices in San Francisco.
While the suit only involves the one San Francisco location and not Twitter’s main headquarters or any other offices, it does come after it was reported last month that Musk had stopped paying rent on Twitter’s office space globally and tried to cut costs by telling employees not to pay company vendors.
Imagine being a whole billionaire and you’re out here ducking bill collectors and saying to your employees who have to deal with your vendors, “Mayne, tell’em I ain’t got it!”
Anyway, congratulations to Elon Musk for becoming the biggest loser since Donald Trump in 2020. Salute!
