Elon Musk’s financial history was made with a loss

n January 2021, Tesla CEO Elon Musk surpassed Jeff Bezos to become the second person in history to reach a personal net worth of over $200 billion. However, he recently made history again as the first person to lose $200 billion in net worth, according to the Bloomberg Billionaires Index. This loss is largely due to the recent decline in Tesla stock, which included a 11% drop on December 27. As of November 4, 2021, Musk’s net worth was $340 billion, but he has since been surpassed by French entrepreneur Bernard Arnault, the founder of LVMH.

Tesla’s leadership in the electric vehicle market, which has contributed to its high valuation, is now being threatened as competitors catch up. In addition to reportedly reducing production at its Shanghai plant, the company is also offering US customers a $7,500 discount to receive delivery of its two highest-volume models before the end of the year.

In October 2021, Tesla became the first publicly traded company to reach a market capitalization of $1 trillion, surpassing tech giants like Apple, Microsoft, Amazon, and Alphabet. However, its market share for electric vehicles was relatively small at the time. As the company begins 2023 with incentives to support sales in China, it is offering up to 10,000 yuan ($1,450) to buyers of its Model 3 sedan and Model Y sport utility vehicle if they accept delivery before February 28. This follows the 6,000-yuan subsidy that was provided to businesses in early December and the 4,000-yuan rebate for purchasing insurance through Tesla that was offered in November.

Musk has been focused on Twitter, which he purchased in late October for $44 billion. The company has implemented a disruptive strategy, including laying off and then urging staff to return, and awkwardly invoking content standards to justify blocking the accounts of some well-known journalists who cover the company.