‘Don’t worry too much about the stock market craziness’: Elon Musk Reassured His Staff as He Lost $208B in Last 13 Months – Biggest Net Worth Collapse in Human History
Billionaire and business magnate Elon Musk has faced a downturn in his net worth and it is not due to any of his recent controversies. And also the downturn this time is the greatest one Musk has ever faced. According to Bloomberg Billionaire Index, he has lost more than 200 billion dollars. This plunge in net worth is considered the biggest loss of wealth in modern history. The reason behind the downturn is largely due to the reduction in Tesla’s stock over the last 13 months.
Following this, he assured the company’s staff not to worry too much about the stock market scenario. There is a good chance he might step down as the CEO of Twitter to focus on his other companies and restore them. But according to the Billionaire that will only happen if he finds a suitable replacement.
Elon Musk Lost More Than 200 Billion Dollars of His Net Worth
In what is considered modern history’s biggest wealth loss, Elon Musk has lost 208 billion dollars of his net worth. All this has happened in under 13 months. The Business magnate who topped the Bloomberg Billionaire Index with his 338 billion dollar net worth went down to 132 billion dollars. This is obviously a huge plunge. And surprisingly the reason is not due to his Twitter takeover and related controversies but rather a big downturn in Tesla’s stock for the past 13 months. Musk is one of the richest people in the world. But his wealth is being tested these days with the recent loss. Following this, the SpaceX founder addressed his staff saying,
“Don’t worry too much about the craziness in the stock market”
He further assured his staff about restoring anything that has been lost by saying,
“As we demonstrate continued excellent performance, the market will recognize that.”
Before the loss, his net worth had been 332 billion. And the downturn amount which is 208 billion is equal to the annual GDP of Greece.
Also Read: ‘You shut the f**k up’: Chaos Ensues as Dave Chappelle Fails to Tame Crowd Booing Elon Musk on Stage
What Is The Next Step by the Billionaire?
After facing the world’s biggest wealth loss, what is the next step for Elon Musk? According to the billionaire and the business magnate he might step down as the CEO of Twitter. Although it was not the reason for the downturn, however handling multiple businesses has definitely impacted his wealth.
Only a few days ago following the news of his wealth loss people participated in a poll on whether the Tesla owner should step down from his position. Musk also seems to agree with the decision as he responded by saying he will step down once he finds a good replacement. The popular idea is that Musk should focus on his other businesses presently. And let someone else take care of the social media platform.
Source: Bloomberg
