From September 2021, Elon Musk has become the world's richest person. Before to him, Amazon founder Jeff Bezos held the position.
Digital Desk: According to a
Bloomberg article, Elon Musk has restored his position as the world's richest
person as Tesla stock prices have risen. Musk was dethroned as the world's
richest person in December 2022 due to a decrease in Tesla shares, and was
succeeded by Louis Vuitton CEO Bernard Arnault. Nevertheless, Musk recaptured
the crown around two months later.
Elon Musk becomes the world's richest person again
Musk's net worth has risen to USD 187 billion. The owner of Twitter had
a net worth of USD 137 billion at the start of the year. From September 2021,
Elon Musk has become the world's richest person. Before to him, Amazon founder
Jeff Bezos held the position.
In the start of this year, it was reported that Musk had been recognised
by Guinness World Records for breaking the world record for the most money lost
in history. According to a news release issued by the organization, "Elon
Musk has officially broken the global record for the biggest loss of personal
fortune in history."
Guinness World Records also noted in a news release that the previous
record was held by Japanese tech billionaire Masayoshi Son, who had lost USD 56
billion. "While the precise sum is nearly difficult to verify, Musk's
cumulative losses significantly exceed the previous record of $58.6 billion set
by Japanese tech investor Masayoshi Son in 2000," the report added.
Musk and Tesla
It is no secret that Tesla equities account for a
large portion of Musk's personal fortune. The entrepreneur was an early
investor in the company and eventually came to own the majority of the
company's stock. Martin Eberhard and Marc Tarpenning founded Tesla Motors in
July 2003 as an electric vehicle manufacturer. Musk became the company's
largest stakeholder in 2004 after contributing a whopping USD 6.5 million. In
2008, he was appointed CEO and product architect of the company.
Musk sold a huge portion of his Tesla stock in
2022, first to buy Twitter, and later maybe to cover the losses of his
brand-new investment.
Musk sold Tesla shares worth USD 15.4 billion between April and August 2022. He had stated that there were no "additional sales planned" at the time. Musk, on the other hand, sold another 19.5 million Tesla shares worth around USD 4 billion in November 2022. "Billionaire entrepreneur and Twitter's new owner Elon Musk sells 19.5 million Tesla shares, according to an SEC filing," Reuters reported at the time.
Tesla stock
began to fall in 2022 and experienced its largest yearly decline that year. In
such turbulent times, Musk had reportedly addressed all Tesla employees asking
them to not be troubled by the 'stock market hysteria'.
Musk's Twitter takeover
In October 2022,
Musk paid USD 44 billion for Twitter. After taking on his new role, the billionaire
instituted some radical reforms within the corporation. Musk fired the
company's then-CEO, Parag Agrawal, as well as other top executives, as one of
the first things he did in his new post. Under Musk's leadership, the vast
majority of Twitter employees have either resigned or been laid off. The new
Twitter owner has pledged that there would be no layoffs in the firm until
November 2022. Nonetheless, several layoffs have been announced since then.
Twitter employed
approximately 7,500 people prior to Musk's acquisition. However, after the new
owner took over, the workforce was cut to approximately 2,300 workers.
Recent
layoffs at Twitter
Recently,
reports circulated of a new round of layoffs at Twitter. According to The New
York Times, Musk fired approximately 10% of the company's staff. This indicates
that approximately 200 individuals were laid off as part of the company's most
recent layoffs.
The layoffs were disclosed
over the weekend, and those affected were tasked with keeping Twitter's
different functions operational. According to the study, the monetisation
infrastructure team was downsized from 30 to less than eight employees.
