Billionaire founder of SpaceX, Tesla and Twitter owner Elon Musk became the first person in the world to lose $200 billion, Bloomberg reported.

His fortune at its peak was up to $340 billion, reaching that value by Nov. 4, 2021. In doing so, he became the second person in the world after Jeff Bezos to accumulate a fortune of $200 billion.

Musk's sharp decline in fortune stems from the way Tesla stock fell in the final weeks of 2022, including an 11% drop on Tuesday, December 27. Having become one of the pioneers of the global electric car market, according to Bloomberg, Musk is losing ground to competitors - at the moment Tesla is offering big discounts to customers to stay afloat.