Elon Musk’s Net Worth Plummets by Over $200 Billion in Modern History

Elon Musk, the tech billionaire known for his ventures in Tesla and SpaceX, has experienced a staggering loss of wealth over the past 13 months. According to the Bloomberg Billionaires Index, Musk’s net worth has plummeted by more than $200 billion, making it the biggest loss of wealth in modern history.

The majority of Musk’s fortune was lost between November 2021 and December 2022, largely due to the collapse of Tesla stock during that time. The $208 billion wiped from his net worth is equivalent to the annual GDP of Greece and surpasses the total net worth of the current world’s richest person, Bernard Arnault.

Despite losing his top spot on the rich list to French business magnate Arnault, Musk remains ahead of other US tech billionaires. His net worth peaked at $338 billion in November 2021, coinciding with Tesla’s fortunes.

Tesla, the electric car maker founded by Musk, has seen a sharp decline in value in 2022 due to production delays in China, vehicle recalls, and concerns among investors about Musk’s focus on his new role as head of Twitter. The company’s market cap has dropped by nearly $900 billion since November 2021, causing it to fall out of the top 10 most valuable companies.

In a recent email to Tesla staff, Musk expressed confidence in the company’s long-term prospects, stating his belief that Tesla will become “the most valuable company on Earth.” Despite the setbacks, Tesla remains the world’s most valuable car maker by a significant margin.

Musk’s ambitions for his wealth include helping to solve problems on Earth and establishing a self-sustaining city on Mars to ensure the continuation of life in case of catastrophic events. Other US billionaires, including Bill Gates, Jeff Bezos, Larry Ellison, and Larry Page, have also seen significant declines in their wealth over the past year, reflecting the broader challenges faced by tech companies in the current market environment.