Elon Musk lose $200 billion after the Twitter takeover

The new head of Twitter, Elon Musk, has lost nearly $200 billion. Bloomberg reported that he had become the first person to lose a vast amount. Musk was the second person after Jeff Bezos with more than $200 billion of personal fortune. Interestingly, Musk rose to the top spot of billionaires in January 2021. The fall in Tesla shares contributed to the plummeting of Musk's wealth.

According to a Bloomberg report, Musk's stock peaked at $340 billion in November 2021. However, since then, he has seen no gains. After Jeff Bezos, Musk became the second person to acquire $200 billion. Musk was at the top of the Bloomberg Billionaires Index but has since surpassed LVMH CEO, Bernard Arnault. Musk's net worth was previously $338 billion. It has now been reduced to $132 billion.

Tesla shares fell after Musk acquired Twitter in a $44 billion deal. "Don't worry too much about the madness of the stock market. As we demonstrate continued excellent performance, the market will recognize it," Musk said, quoted by Reuters.

Twitter's future has been endangered since Musk took over the company. First, he fired top executives, including CEO Parag Agrawal, CFO New Segal and policy chief Vijaya Gadde. After this, Musk also laid off almost 50 per cent of the workforce. In other news, Musk is set to step down as CEO of Tesla and Twitter. He has reportedly found a new CEO for Tesla but is still looking for a new CEO for Twitter.

Musk is currently the company's interim CEO, but he plans to leave as soon as he finds someone dumb enough to take his place. "I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams," he said. Musk had previously said that he did not want to be the CEO of any of his companies.