Elon Musk loses the most net worth wealth in modern history
Elon Musk, CEO of Twitter, has reached a new low point: he has lost more than $200 billion in net worth during the past 13 months, making him the individual who has lost the most fortune in modern history.
Bloomberg published the data, noting that Musk’s net worth dropped by 208 billion dollars, or about the same as Greece’s GDP in a year. Moreover, that sum exceeds the fortune of Bernard Arnault, CEO of luxury goods conglomerate LVMH and the richest person in the world.
The current owner of Twitter and several other companies once topped the Bloomberg Billionaires Index with a net worth of $338 billion; it has since shrunk to $132 billion.
Musk’s riches has fallen not because of the Twitter acquisition and its issues, but because of the precipitous drop in Tesla’s shares over the past year.
Not overly concerned about the stock market’s insanity, Musk recently told Tesla employees. The market will eventually acknowledge our superior performance if we keep it up.
After a Twitter poll asked if he should resign as the company’s CEO, Musk declared a few days ago that he would do so as soon as he found a suitable replacement.
Musk is being urged to find someone to take over the Twitter account so he can focus on his other businesses and try to recoup some of the money he has lost as a result of Tesla’s collapse and the controversy that has followed him on Twitter for months.