The US$200bil club loses last member as Elon Musk’s wealth tumbles

Musk remains the richest person in the world, according to the Bloomberg Billionaires Index. Still, he has seen US$71.7bil (RM300.85bil) wiped out from his fortune so far this year. — AFP

No person on the planet has a fortune of more than US$200bil (RM839.20bil) – at least for now.

Elon Musk, the only billionaire who still exceeded that threshold heading into this week, saw his wealth tumble by US$13.3bil (RM55.80bil) on Feb 23 to US$198.6bil (RM833.32bil). Tesla Inc shares fell for the fourth-straight day to the lowest level since September amid a broad decline in stock markets around the globe.

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 US$71.7bil (RM300.85bil) 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 US$340.4bil (RM1.42 trillion) 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 US$35bil (RM146.86bil) from his net worth in a day – a nearly unprecedented sum. He eventually completed a series of stock sales worth more than US$16bil (RM67.13bil) and also donated US$5.7bil (RM23.91bil) of shares to charity.

Amazon.com Inc founder Jeff Bezos is the only other person whose wealth has ever exceeded the US$200bil (RM839.20bil) mark, first reaching that milestone in April. His fortune fluctuated around that level for most of last year before dropping below it for good in December. – Bloomberg