Elon Musk who was the richest man in the world before and CEO of Twitter, Tesla, and SpaceX, has become the first person in human history to lose $200 billion from his net worth.
According to reports, the owner of witter suffered a huge loss with his fortune falling to $137 billion after Tesla shares fell 66 percent over the past year. It's the electric car manufacturer's worst performance to date.
The sharp decline in Tesla's share price was attributed to Elon Musk's takeover of Twitter as well as supply chain constraints in China exacerbated by the Russia-Ukraine war.
Elon Musk's current net worth is currently $137 billion and ranks second in the world's richest people chart. Musk owns about 25% of Tesla through stocks and options but has pledged more than half of his shares as collateral for loans.
As of November 4, 2021, Elon's fortune had peaked at $340 billion and remained the richest person in the world until he was overtaken by Bernard Arnault, the French entrepreneur behind luxury goods giant LVMH.
The drop in Tesla shares included another 11 percent decline last Tuesday after a spike in Covid-19 cases forced Tesla to temporarily halt production in Shanghai.
Following this revelation, Tesla has announced price reductions in several of its models, including a $7,500 discount on the Model 3 and Model Y.
