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Elon Musk becomes first person ever person in history to lose $200 billion in wealth

The CEO of Tesla (TSLA), SpaceX and Twitter is worth $137 billion, according to the Bloomberg Billionaires Index, good enough for second place on the list of the world`s richest behind LVMH (LVMHF) Chairman Bernard Arnault.

That makes Musk the first person ever to lose $200 billion in wealth, Bloomberg reported last week.

The bulk of Musk`s wealth is tied up in Tesla (TSLA), whose stock plunged 65% in 2022.
Tesla offered two rebates for buyers taking delivery of a vehicle before the end of the year, initially offering a $3,750 discount then doubling the rebate to $7,500 with two weeks left in 2022.

At its peak, Tesla was worth more than the 12 largest automakers on the planet combined, despite having a fraction of their sales.

Musk`s $44 billion purchase of Twitter hasn`t helped Tesla`s stock or Musk`s personal wealth, either.

His constant tweeting and increasingly erratic behavior, particularly after taking over as CEO at Twitter, has angered Tesla investors who want Musk to pay more attention to his significantly larger and more valuable company.

Musk has defended himself against critics, saying he hasn’t missed a major Tesla meeting since taking on responsibility for Twitter.

Tesla`s stock may rebound, and Musk could once again become the world`s richest person.

Tesla sold a record $1.3 million cars last year, but there are questions if Tesla was ever worth the trillion-dollar valuation it had at the start of 2022.

“Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in light of significant COVID and supply chain related challenges throughout the year,” the electric vehicle and solar panel company said Monday.

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Tesla didn’t roll out any new models last year, and it’s facing increasing competition from legacy automakers and startups such as Lucid and Rivian, which are continually introducing new electric vehicles.

But Musk has promised to start producing the long-awaited Cybertruck electric pickup this year. The company also has started delivering its electric semis.

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