The Last Billionaire Also Drops out of the $200 Billion Club

Elon Musk, the only member of the $200 Billion Billionaire Club, also got dropped out of it due to a sharp decrease in his wealth compared to the beginning of the year.

This is the most elite club in the world a human can ever think of. Even the present richest man in the world cannot today afford its membership. Elon Musk the richest man in the world with a present net worth as on November 5, 2022, of $ 190 billion, was the only person in this elite group before his wealth decreased by a whopping $80 billion recently.

His present wealth took a steep dive due to a decrease in the prices of Tesla shares which were affected by sell-offs by investors. This sell-off was attributed to the much-hyped acquisition of Twitter by Elon Musk led to the sentiment among Tesla Shareholders that Musk will not be able to spare his time and energy. Attention and resources for the efficient running of the business at Tesla due to his engagement in Twitter management.

The Investors also found the Twitter deal financially an unwise decision. All this led to a loss of trust in Tesla shareholders which ultimately led to the desperate selling of Tesla shares resulting in a sharp deterioration in the net wealth of Elon Musk. This 51-year-old businessman is a South African-born Canadian-American is known for his thinking beyond time and making decisions with a target of long-term gain.  Musk is known for many roles as an Aerospace Engineer, Entrepreneur, Investor, Inventor, Designer, and Film Producer.

He is known for his love for books and in many interviews on television, he has claimed that reading books have made him excel in the field of Space and other technical areas even when his academic background was not technical. He is the CEO and CTO of SpaceX, and Tesla Motors and Chairman of Solar City. Owing to these many ventures he manages to be the richest man in the modern world.

However, the present deal to buy Twitter has found Musk facing the wrath of many due to his face-off with the top-ranking executives of the company and even for not assessing the actual valuation of the company properly. The $ 200 Billion group most-elite group in the world having only those members who have a net worth of at least $200 billion.

Musk was the sole member of this exclusive club until a few days ago. Though the group is not so appreciated by those with liberal ideology and is generally criticized due to the sharp rift between the rich and poor of the world. They consider this gap to be a danger to the overall prosperity of the world in the long run.

According to the Bloomberg Billionaires Index, Musk's net worth has decreased by $80.4 billion since January and is now $190.0 billion as of November 5. But he is still the richest man in the world, though.

The fact that Silicon Valley tycoons make up eight out of the top ten richest people in the world has significant effects on the ranking of the world's largest fortunes.

The second rank holder on the list of wealthiest persons is Bernard Arnault who is the far below the fortunes of Musk. The CEO of the luxury company   Louis Vuitton, SE. According to Forbes, his wealth is $144.4 billion. This shows that there is no filling the gap in place of Musk in the $ 200 billion group in near future.

This is also worth mentioning here that India’s richest person Gautam Adani is the world’s third-richest person with a net worth of $133 billion. He is the only person in the Top 10 whose fortune has improved since January is Adani, the CEO of an industrial conglomerate. It increased by $56.2 billion.

The deterioration in wealth is not limited to Musk alone. Jeff Bezos, the fourth richest person with a net worth of $114 billion fortune also saw an abrupt decline in the market value of the e-commerce behemoth, which has been expelled from the exclusive group of companies with a market value of more than $1 trillion. Further, the bankruptcy of cryptocurrency exchanges and subsequent investigations against Sam Bankman’s messages which led to disturbances in the crypto sentiments may also cause some issues for Musk.

Now, this is for the world to witness how the richest person in the modern world collects his courage and manages the affairs at Twitter at the same time keeping the trust of the Tesla investors. Given the circumstances surrounding his companies, it may take some time for Elon Musk to re-enter the elite club of $ 200 billion billionaires.