Elon Musk falls out of $200-billion club, loses $13.3 billion in a day

Elon Musk was the last member to be part of the $200 billion club on the planet. However, now, after his wealth trips, no one is a member of this elite club. On Wednesday, his net worth fell to $198.6 billion, a $13.3 billion drop. Tesla Inc.’s stock has plummeted for the fourth day in a row, to its lowest level since September, amid a global stock market sell-off. 

According to the Bloomberg Billionaires Index, Tesla‘s 50-year-old CEO remains the world’s wealthiest person. Nonetheless, as markets cope with geopolitical issues around Ukraine and increasingly hawkish central banks, Musk’s fortune has been wiped out by $71.7 billion this year, more than the next three wealthiest persons combined.

Highs and lows

Last year in November, his fortunes were at their all-time high. His wealth was at $340.4 billion on Nov. 4. Later, he sold his shares, causing the company’s stock to plummet, wiping out $35 billion from his net worth in a single day, a practically unheard-of amount. He finally completed a series of stock deals totaling over $16 billion, as well as contributed $5.7 billion in stock to charity.

Jeff Bezos, the founder of Amazon.com Inc., is the only other individual to have ever amassed a fortune over $200 billion, having done so in April. He was the first person to be a part of the $200 billion club. For the majority of last year, his fortune bounced around that level before finally falling below it in December. 

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