Musk lost $200 billion in net worth, becoming the first person in history to do so.
Musk became the second person in history to have a personal fortune of more than $200 billion. Just months after Jeff Bezos did the same thing, that happened.
Musk has lost billions of dollars due to the falling value of his shares in the electric car company. The value has plummeted this year and dove last Tuesday.
According to the billionaires index, Musk's fortune peaked in November of 2021. He is now worth $137 billion, but that is still a steep dive from the previous year.
Earlier this month, European fashion mogul Bernard Arnault overtook Musk as the world's wealthiest person.
Huge controversies over his hands-on management of a struggling Twitter are some of Musk's challenges. The self-proclaimed "free speech absolutist" has come under fire for allowing previously banned neo-Nazis to return to social media.
The billionaire described the financially challenged social network as a plane that is headed toward the ground at high speed with the engines on fire and the controls not working.
The company is so strapped for cash that Musk recently shut down the server that supported the data center Some employees at the San Francisco headquarters were forced to bring their own toilet paper because they were fired.
Musk is distracted from responding to serious issues at the company due to his over-involvment in social media.
Before the end of the year, consumers in the US will be able to get a discount on certain car models. According to reports, the company is cutting production at its plant.
Forbes reported earlier this month that the world's billionaires lost $2 trillion in the last four years. American billionaires lost more money than any other country, and Musk lost the most.
Between March 2020 and November 2021, the world's billionaires added $5 trillion to their wealth.
According to Forbes, the losses in America were caused by a dive in tech stock value, rising interest rates, and a weakened economy.
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