Billionaire Elon Musk has experienced the largest loss of wealth in modern history over the past 13 months. According to data from the Bloomberg Billionaires Index on Thursday (29/12), the Twitter CEO’s net worth has plummeted by more than $200 billion, which is equivalent to about R$1 trillion.
The value represents more than half of Musk’s total fortune, which was approximately US$338 billion (roughly R$1.7 trillion). The main reason for the lost amount was the collapse of the shares of the electric car manufacturer Tesla in November 2021 and December of this year.
Over the past 13 months, the automaker’s market value was reduced by nearly R$900 billion (about R$4.7 trillion). With the loss, Tesla dropped out of the TOP 10 most valuable companies in the world, although it still ranks as the most valuable company in the industry.
In an email released by Reuters, Musk reassured Tesla employees that the company will re-establish itself in the market as “the most valuable on Earth in the long run.”
“Don’t worry too much about stock market craziness. As we demonstrate continued excellent performance, the market will recognize that,” Musk said in the statement.
Out of curiosity, the lost capital is equivalent to the annual GDP of Greece, the combined market value of all other vehicle manufacturers and is even greater than the total liquidity of the richest person in the world, Frenchman Bernard Arnault (CEO of LVMH).
According to Yahoo! Finance, Elon Musk dropped the top spot in the personal wealth ranking earlier this month after reigning for most of the year. He still stands ahead of other billionaires as the richest American in the world.
That’s because Musk wasn’t the only one to see his fortune plummet significantly this year. Giants Bill Gates (Microsoft), Jeff Bezos (Amazon), Larry Page (Google) and Larry Ellison (Oracle) have also reduced their fortunes by more than $180 billion (about R$952 billion) since January.
The difference is that this total amount was lost in a team sum, unlike what happened to the owner of Twitter, who lost much more alone.
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Source: Terra
Jason Root is a writer at Gossipify, known for his in-depth coverage of famous people in entertainment, sports, and politics. He has a passion for uncovering the stories behind the headlines and bringing readers an inside look at the lives of the famous. He has been writing for Gossipify for several years and has a degree in Journalism from UC Berkeley.
