THE $200 BILLION CLUB LOSES LAST MEMBER AS ELON MUSK’S WEALTH TUMBLES

Thu 24 February 2022:

At the moment, no one on the planet has a fortune worth more than $200 billion.

Elon Musk, the only billionaire who remained above the threshold at the start of this week, saw his fortune fall by $13.3 billion to $198.6 billion on Wednesday. Tesla Inc. shares fell for the fourth day in a row, to their lowest level since September, amid a global stock market decline.

Tesla’s 50-year-old chief executive officer remains the richest person in the world, according to the Bloomberg Billionaires Index. Still, Musk has seen $71.7 billion wiped out from his fortune so far this year, more than the next three wealthiest people combined, as markets grapple with geopolitical tensions around Ukraine and more hawkish central banks.

Musk’s wealth peaked at $340.4 billion on Nov. 4, when Tesla shares reached a record high. Days later, he asked his Twitter followers if he should sell part of his stake, sparking a sharp decline in the company’s stock that erased $35 billion from his net worth in a day — a nearly unprecedented sum. He eventually completed a series of stock sales worth more than $16 billion and also donated $5.7 billion of shares to charity.

Jeff Bezos, the founder of Amazon.com Inc., is the only other person whose fortune has surpassed the $200 billion mark, having done so for the first time in April. His fortune fluctuated around that level for the majority of last year before finally falling below it in December.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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