Billionaire Elon Musk, formerly the richest man in the world, has broken a new record.
The Tesla founder and Twitter owner has become the first person in history to lose $200 billion off his net worth, according to the Bloomberg Billionaire’s Index.
The multi-billion dollar bloodbath comes after Musk, 51, in 2021 became only the second person to ever amass a fortune more than $200 billion, after Amazon founder Jeff Bezos.
Musk, whose net worth peaked in Nov. 2021 at $340 billion, has seen his wealth plunge to $137 million as Tesla shares have plummeted 65% in the past year.
It has been the electric carmaker’s worst year to date.
The decline included an 11% plunge on Tuesday alone after the Wall Street Journal reported that a surge in COVID cases had forced Tesla to temporarily halt production in Shanghai.