Elon Musk kicks off 2023 in the worst way possible by becoming first ever person to lose $200bn

Bar Kanye West, of course, it’s safe to say that Elon Musk had the most significant fall from grace in 2022, becoming one of the most hated individuals on the internet. And, unfortunately for him, things only seem to be getting worse this year after he became the first person in the world to lose $200bn.

According to the Bloomberg Billionaires Index, he lost $208bn in the last 13 months, mainly due to a downturn in Tesla’s stock price. It is thought to be the biggest ever financial loss of an individual’s net worth and was more than half of Musk’s total portfolio, which peaked at $338bn in November 2021.

Tesla has been hit with production delays in China, vehicle recalls, and concerns among investors that Musk has become distracted after buying social media company Twitter, which meant it lost around 70% of its value. As a result, the mogul has now lost his spot as the world’s richest man to LVMH owner Bernard Arnault.

In October, Musk spent around $44bn to buy social media company Twitter and soon made huge cuts to staff including many of its top executives. He soon made sweeping changes and even proposed charging users $20 a month to pay for their blue verification tick, which did not go down well with many.

In a recent email to staff reviewed by Reuters, Musk said that he believed Tesla will become “the most valuable company on Earth” in the long term. “Don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognise that.”

As consumers and stakeholders continue to heap the pressure on Musk, only time will determine if he can turn everything around in 2023.