According to a report by Bloomberg, Twitter CEO Elon Musk has become the first person to lose a staggering $200 billion in net worth. This significant drop in wealth can be largely attributed to the decline in value of Musk's shares in electric vehicle company Tesla, of which he is CEO. The value of these shares has decreased by 65% in 2022 and plummeted by 11% in a single day last week. At its peak in November 2021, Musk's fortune was estimated at $340 billion by Bloomberg's Billionaires Index, and he is currently worth $137 billion.
Musk was previously the world's wealthiest person, but has recently been overtaken by European fashion magnate Bernard Arnault, the head of LVMH. Along with the challenges facing Tesla, Musk has also faced controversies surrounding his management of Twitter, which he acquired for $44 billion. The platform has struggled financially and has faced criticism for its handling of free speech issues, leading Musk to describe it as a "plane that is headed toward the ground at high speed with the engines on fire and the controls don't work."
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