Elon Musk suffers greatest lack of wealth in fashionable historical past with internet value collapse

Elon Musk has suffered the largest lack of wealth in fashionable historical past, together with his internet value dropping by greater than $200billion (£166bn).

The billionaire, who not too long ago took over the social media website Twitter, misplaced over half of his fortune over the past 13 months.

Based on the Bloomberg Billionaires Index, Musk’s internet value declined by $208billion (£172bn) – roughly the identical because the annual GDP of Greece. That quantity can also be greater than the whole internet value of the world’s richest individual, LVMH CEO Bernard Arnault.

Musk was beforehand on the prime of the Bloomberg Billionaires Index, however has since been overtaken by Arnault. His internet value was beforehand $338billion (£280bn). It now stands at $132billion (£110bn).

The massive drop in Musk’s internet value is basically right down to the collapse of Tesla inventory over the past yr. “Don’t be too bothered by inventory market craziness,” the CEO not too long ago informed employees on the automotive firm, in accordance with Reuters. “As we reveal continued wonderful efficiency, the market will recognise that.”

Since Musk took over Twitter in October, the positioning has confronted numerous difficulties. The CEO instantly fired a number of prime executives and half of its workforce, with customers quickly suggested to archive their Twitter historical past after hypothesis the platform may collapse.

Earlier this month, Musk stated he would step down from his function as CEO of the positioning as quickly as he finds “somebody silly sufficient to take the job”, following Twitter customers voting for him to resign in a ballot.

Earlier at this time, in the meantime, the billionaire responded to 1000’s of individuals reporting points utilizing Twitter by saying it “works for me”. Shortly earlier than midnight final evening (December 28), DownDetector, a web site which tracks visitors on Twitter, reported that the social media website was having points.