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Elon Musk Leaves The Most Select Club on The Planet

Elon Musk is still the world's richest man, despite a recent drop in wealth.
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It happened to the dodo. It happened to the wooly mammoth.

And now it has happened to Musk.

The $200 Billion Club lost its last member recently when Tesla  (TSLA)  CEO Elon Musk's wealth headed south.

'Thoughts and Prayers'

So now there is no one of the face of the earth who has a fortune of more than $200 billion. At least for the moment.

"Who the hell is going to take minutes at club meetings now?" one person commented on Twitter.

"Thoughts and prayers," another tweeted.

But not to worry. Musk is still the richest person in the world, with a total net worth of $199 billion, according to the Bloomberg Billionaires Index, a ranking of the richest people on the planet.

"Elon Musk is down $71 billion," another commenter tweeted. "Why is the news so excited over it? It is not like he could spend it in the first place. If he sold all his shares, he would be lucky to get 5% in cash out of the $200 billion in shares."

Musk’s wealth peaked at $340.4 billion on Nov. 4, when Tesla shares reached a record high, according to Fortune.

Charitable Donations

A few days later, Tesla shares slumped after Musk indicated he could sell around 10% of his stake in the clean-energy carmaker.

He donated more than $5 billion of Tesla stock to charity in November when the stock was well above $1,100, according to regulatory filings. 

Musk said on Feb. 15 that he owned 231,715 shares of Tesla, which is worth about $177 billion as of Wednesday's close.

In addition to Tesla, Musk has SpaceX, the rocket and space tech company he started which raised $337.35 million in December.

SpaceX is not publicly yet traded but it is preparing to split its action.

 According to a report from CNBC, SpaceX is proposing to its privately-held shareholders to split their shares in a 10-for-1 ratio.

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If the company carries out its plan, the value of each share will be reduced to $56 per share.

On Monday, SpaceX launched a set of Starlink satellites after more than three-fourths of the satellites from the previous launch were lost because of a solar storm.

Musk is currently involved in a rather nasty conflict with the Security & Exchange Commission where he accused the SEC of leaking harmful information. 

"I didn't start the fight, but I will finish," he declared via tweet.

In a letter to the New York judge Alison Nathan by his lawyer, Musk alleged that the leaks, which intervene within the framework of an investigation by the federal agency on Tesla, are reprisals following recent criticisms that he made against the SEC.

'Money Comes and Money Goes'

He told CNBC that he is glad to see the Justice Department is investigating short sellers, adding that "this is something the SEC should have done, but, curiously, did not."

Then there's his beef with President Joe Biden, whom he has called a "damp sock puppet."

He has also locked horns with U.S. Senator Bernie Sanders, a strong proponent of taxing the super-rich like Musk, who demanded that "the extremely wealthy pay their fair share."

To which, Musk responded: "I keep forgetting that you are still alive." 

And he also had harsh words for Sen. Elizabeth Warren, whom he dubbed "Senator Karen" after the Massachusetts Democrat said the tax code should be changed so Musk would "actually pay taxes and stop freeloading off everyone else."

Losing his $200 Billion Man title might be tough for Musk, but he's still comfortably ahead of Amazon's  (AMZN)  Jeff Bezos, who has $169 billionaire, and is the only other person whose wealth has ever exceeded the $200 billion mark.

Musk also edges out Bernard Arnault, chairman and CEO of LVMH  (LVMHF)  Moet Hennessy - Louis Vuitton SE, whose net worth totals $155 billion.

And he's way beyond Meta Platforms  (FB)  CEO Mark Zuckerberg, who was recently ejected from the billionaires top 10 list and now occupies the 14th position with only $75.4 billion to his name.

At least one person on social media had a philosophical view of Musk's loss of wealth.

"Money comes and money goes," the person tweeted. "With all the money in the world, can Elon Musk or Bill Gates, Jeff Bezos, Mukesh Ambani, Carlos Slim, Jack Ma or any other no matter how rich, live forever, fight death and bend The Almighty? How healthy are any of them are at their age today?"