Once the richest person in the world, Tesla Inc TSLA and Twitter CEO Elon Musk has become the only person in human history to lose $200 billion in net worth.
His net worth peaked at $340 billion in November 2021. However, Musk saw his wealth drop to $137 billion as 2022 came to a close, driven by Tesla shares falling about 65% last year, according to Bloomberg.
Last week, Musk sent a memo to its workers and thanked them for their “exceptional execution” throughout the year. However, he downplayed the company’s dismal stock performance. “Don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that,” Musk wrote in the memo.
In December, Musk lost his title as the world’s richest person to Bernard Arnault, the French business magnate and co-founder of luxury goods powerhouse LVMH Moet Hennessy Louis Vuitton SA LVMUY.
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During a recent podcast interaction, Musk warned against the dangers of borrowing money during a volatile market phase.
“I would advise people not to have margin debt in a volatile stock market, and you know, from a cash standpoint, keep the powder dry,” Bloomberg quoted Musk saying on the All-In podcast released in December. “You can get some pretty extreme things happening in a down market.”
According to Bloomberg’s Billionaires Index, Musk was forced to sell much of his Tesla stock in 2022 due to his $44 billion Twitter purchase.
Musk currently owns a $44.8 billion stake in SpaceX, which is about 42.2% of the company, reports Bloomberg.
Photo: Courtesy of NVIDIA Corporation on flickr.
Image and article originally from www.benzinga.com. Read the original article here.