Elon Musk, chief executive of Tesla and new owner of Twitter, was crowned in 2022 as the world's wealthiest man. However, he is now the only man in history to lose $200 billion of personal wealth.
Yet, Musk still remains the second-richest man in the world, even as his investments have dramatically decreased in value.
His net worth hit an all-time high in 2021 as Tesla stock grew significantly. A large portion of Musk's wealth is attributed to his involvement in the creation and ownership of numerous companies, such as Tesla and SpaceX. The tech industry experienced an increase in prices during the coronavirus outbreak and Tesla's shares climbed to the highest levels ever, which led to Musk being the very first individual to be worth $300 billion.
However, the first quarter of 2022 saw the revival from other fields, leading to an increase in Tesla's value.
The market value of Tesla surpassed $1 trillion in the month of October 2021 and it was one of the few companies to reach this level of valuation along with tech giants like Apple, Microsoft, and Amazon. However, its share price has been decreasing since November 2021.
Breitbart News recently revealed that, despite the 3.3 percent rise in price to $112.71 the previous Wednesday, Tesla's price has dropped by 68% for the year. The month of December is the only one where Tesla's stock is down 42 percent, and is now on path to close the quarter, month and the year with the worst performance ever recorded. The declining prices of the stock are likely to have led to the worries that Musk expressed in his letter to his employees.
Musk has said that he attributed a part of the decrease in the price of Tesla's stock to the rising interest rates. However, many are pointing to the regular usage of Twitter as the primary element in the decline of the company. The decline in the stock has led to the loss of around $600 billion of market value by the close of Wednesday.