$200 Billion Club Loses Last Member As Elon Musk's Wealth Tanks
Elon Musk has seen nearly $72 billion of his wealth vanish this year, and now the world’s richest man has officially left the $200 billion club. Musk, who was at one point the only man in history to achieve a net worth of over $300 billion, has seen the value of his assets fall spectacularly over the last few months.
Musk probably isn’t too upset about the drop, as he’s decided to sell all his mansions and most of his possessions to fund a colony on Mars. He kept his promise and sold his final home in December, and now the billionaire enjoys a minimalist life and is renting a modest $50,000 prefab tiny home near the SpaceX test site.
The Tesla CEO saw his wealth peak in November when Tesla shares hit a record high, and at that time Forbed estimated Musk to be worth a jaw-dropping $340.4 billion. For a brief time, Musk became the first and only person to ever achieve a fortune valued at more than $300 billion. However, just days later the business mogul took to Twitter and asked his followers if he should sell part of the company, which triggered a sudden and sharp decline in the stock, wiping nearly $35 billion from his net worth in a single day.
Musk doesn’t appear to have a problem with his cash pile dwindling. The 50-year-old generously donated $5.7 billion in Tesla shares to charity earlier this month, and at one point, he even offered to end world hunger.
"If WFP can describe on this Twitter thread exactly how $6 billion will solve world hunger, I will sell Tesla stock right now and do it,” he tweeted. "but it must be open-source accounting, so the public sees precisely how the money is spent.”
Sometimes, Musk's fortune would fall because of his own bad habits. In 2020, Musk tweeted, “Tesla stock price is too high IMO." The move caused a significant dip in his company's stock.
Musk has repeatedly jabbed Jeff Bezos on his way to the top of the Forbes Billionaire list. After he surpassed the Amazon CEO to become the world’s richest man, he jokingly told Bezos that he would send him a silver medal.
Today, Musk has a fortune of $199.3 billion. Bezos, who was once the world's richest man, has fallen to third place with a net worth of $170.7 billion.
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