Elon Musk first person ever to lose $200bn after Twitter takeover controversy

Elon Musk is the first person in history to lose $200billion (£165billion), according to reports.

Controversial moves for the SpaceX and Tesla CEO earlier in 2022 have seen his record fortune plummet, with the second-ever person to ever hit the $200bn mark now the first to lose it too.

Twitter CEO Musk had topped the Forbes billionaires list for the first time just last year with a valuation of $340bn (£282bn) in November 2021, bumping Amazon's Jeff Bezos from the richest person top spot.

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Dropping slightly the year later with an estimated net worth of $273.6bn (£242bn), Musk had boasted a hefty fortune in April 2022 that appears to be all but squandered.

Billions of dollars have been wiped off of the net worth of the Twitter CEO, just months after the controversial takeover was helmed by Musk, who was first spotted carrying a kitchen sink into the headquarters of Twitter.

Plummeting valuations of his net worth, which now see the former richest man on Earth valued at a measly $137bn (£113bn), has marked a huge drop for the 51-year-old.

It still puts him ahead of his initial evaluation, presenting him the paltry sum of $2bn (£1.6bn) back in 2012 when he first debuted on the Forbes rich list.

Musk is no longer the world's richest man, Independent reported.

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That man would now be Bernard Arnault, the European fashion mogul responsible for Louis Vuitton, whose fashionable clothing has outperformed the Twitter CEO.

Tesla stock prices have declined rapidly, and appear to be responsible in-part for the massive drop in valuation for Musk.

Values had dropped by as much as 65% in share prices for the vehicle company that has played host to automatic cars and other projects under Musk.

Tesla has reportedly offered buyers in America a $7,500 (£6,200) discount if they buy into some of the models while the company is reportedly reducing production at its Shanghai facility.

It comes as Musk posted to Twitter: "Tesla is executing better than ever! We don't control the Federal Reserve. That is the real problem here."

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