Elon Musk had the biggest loss of wealth of all time

Elon Musk lost almost 13 billion dollars in 200 months, marking the biggest loss of wealth in modern history. His fortune fell by about the same amount as Greece's GDP.

Elon, Musk, Tesla, Twitter

According to Bloomberg Billionaires Index, Elon Musk lost more than half of his fortune between November 2021 and December 2022. The cause is considered to be the collapse of Tesla's stock, but also the loss of revenue from Twitter.

The $208 billion, roughly €194,58 billion, that Musk lost is roughly equivalent to the current GDP of Greece, notes the British media Independent.

Note that for 2022 Musk was the richest man on the planet. Along with this title, he also acquired the biggest financial loser of all time.

The cause is believed to be Tesla after the electric car industry lost about 70% of its value in 2022, following production delays in China, vehicle recalls and concerns among investors that the CEO is being distracted by his new role as head of Twitter.

Tesla's market value has fallen by nearly $900 billion since November 2021, dropping it out of the top 10 most valuable companies.

Despite the losses, Tesla remains by far the most valuable automaker in the world, with its losses over the past year equaling the combined market capitalization of all other automakers.

In a recent email to Tesla staff, Musk wrote that he believes Tesla will become "the most valuable company on Earth" in the long term.

"Don't be too bothered by the stock market madness," he wrote, according to Reuters. "As we demonstrate continued outstanding performance, the market will recognize that."

Musk rarely talks about his wealth, although in a Twitter chat in 2018, he did elaborate on the ambitions he had at the time for his fortune. Specifically, he had said:

“About half of my money goes to help problems on Earth and half to help create a self-sustaining city on Mars to ensure the continuation of life (or all species) in the event that Earth is hit by meteor like what happened to the dinosaurs, or World War III happens and we destroy ourselves."

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Elon, Musk, Tesla, Twitter

Written by Dimitris

Dimitris hates on Mondays .....

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