Twitter and Tesla CEO, Elon Musk, is no longer the world’s richest man. The billionaire has been replaced by the CEO of LVMH, Bernard Arnault, as the world’s richest man. According to reports, the tech entrepreneur is now worth $137b from $340b in November 2021.
All was well until the father of 10 bought Twitter for $44billion and the competition in the electric vehicle market tossed Tesla out of the way.
At the start of 2021, Musk had become the second person to acquire personal wealth of over $200 billion. Within the same year, the Starlink founder beat Amazon CEO, Jeff Bezos and became the richest man in the world.
However, the switch to electric vehicles in various regions and more automobile manufacturers stepping into the EV market made competition rife. The market which Elon Musk once dominated became uncomfortable for auto companies to thrive in.
Regular car brands like KIA, Hyundai, Ford, Honda, BMW, Audi, etc, started stepping into the EV industry. Also, countries like China began producing more EV brands than ever before. The likes of Xpeng, Nio, BYD, Zeekr, and so on are now stepping into foreign markets from China. Surprisingly, these Chinese brands are performing well in the regions they are migrating into.
Now, the market that Tesla once had a monopoly over is getting more competitive. Just last year, Tesla lost 65% of its customers as some are turning their attention to other electric vehicle brands.
Similarly, after buying Twitter for $44billion and tweeting endlessly, including announcing that the app loses $4m daily, Musk’s accounts in cash and stocks have had a major beating. Tesla stocks, the worst hit.
From being $340billion rich, Elon Musk has reportedly lost over $200 billion and is the first to ever lose that much money. The math may not be mathing, but when you take away $44b for Twitter, Tesla stocks plummeting and expenses on his other investments, you get a better picture. Even more devastating is the fact that this loss of wealth occurred just within the past 14 months.
