Elon Musk, the new CEO of Twitter, has suffered losses of about $200 billion. According to Bloomberg, he is the only individual in history to have lost such a large sum.
After Jeff Bezos, Musk was the second individual with a personal worth over $200 billion. It’s interesting to note that in January 2021, Musk has surpassed all other billionaires. However, Musk’s declining fortune was a result of Tesla’s stock price fall which fell after Musk paid $44 billion to buy Twitter. Musk also lost $783 million to Bitcoin (BTC) volatility, which only corresponds to 0.39% of Musk’s loss.
In November 2021, the value of Musk’s stock reached its high. He hasn’t improved after then though. Musk was at the top of the Bloomberg Billionaires Index, but LVMH CEO Bernard Arnault has since passed him. Prior to this, Musk had a $338 billion net worth. It is now only $132 billion.
Since Musk took over the firm, Twitter’s future has been in danger. Top executives like CEO Parag Agrawal, CFO New Segal, and policy director Vijaya Gadde were fired by him. After that, Musk also let go of close to 50% of the staff.
Don’t let the irrational stock market behavior worry you. The market will acknowledge it as long as we continue to perform exceptionally well, said Musk, as reported by Reuters.
Musk is now ready to step down as the CEO of Tesla and Twitter. He has reportedly found a new CEO for Tesla but still looking for a new Twitter CEO. “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams” Must said.
Musk’s electric car company Tesla lost 65% of its value in 2022, while Musk sold a significant portion of his assets to be able to purchase Twitter for $44 billion.
The timing seemed too direct to be coincidental, however, as it happens in all markets, Musk is optimistic that better days are still ahead.
»Did Twitter Take Over Make Elon Musk The Biggest Loser In History, After Losing $200B?«