On Tuesday, Tesla’s share price crashed near 7 per cent, and Elon Musk has fallen out of the elite $200 billion clubs and has continued to remain under the sell-off heat that led to a slump in Elon Musk’s net worth by 5.40 per cent to $192.7 billion, hitting its lowest levels since 26th August 2021.

However, Tesla’s CEO is still on the top of the list of the Bloomberg Billionaires Index. Amazon.com Inc’s Jeff Bezos is placed at the number two with $127.80 billion in wealth.

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The last time when Elon Musk’s net worth fell below $200 billion was in March 2022 after the market crash. However, Tesla’s co-founder pared his losses after markets rebounded strongly after that crash. This rebound lifted Elon Musk’s net worth to $288 billion on 4th April 2022, when Musk had announced that he had acquired a 9 per cent stake in Twitter. However, a few days later, Tesla’s co-founder launched a takeover bid and eventually secured the board’s approval. Still, doubts over the Twitter acquisition have grown amid a tech stock rout that’s dragged down both companies’ shares.

In May, Elon Musk said that the Twitter deal would be on hold until Twitter produced public proof about the number of accounts on the platform controlled by bots. Twitter maintains the purchase is moving forward as planned.