In 2022, Elon Musk broke yet another record by becoming the first to lose $200 billion in wealth.

Shares of Tesla (TSLA  ) have plummeted since the beginning of last year, sinking by roughly 66%, largely explaining the rapid erosion in Elon's wealth.

Nevertheless, the figures are staggering.

At his peak in November 2021, Musk was worth roughly $340 billion, according to the Bloomberg Billionaires Index. Today, according to the same agency, Musk is worth $137 billion.

Meanwhile, shares of Tesla continue to tumble. At the time of writing, the stock has sunk 35% over the past month, despite posting record sales for 2022 on January 2.

For his part, Musk has largely blamed contra-inflationary interest rate hikes at the Fed for Tesla's sinking share price.

"Tesla is executing better than ever!" Musk tweeted on December 16. "We don't control the Federal Reserve. That is the real problem here."

Musk liquidated more than $23 billion in Tesla shares to finance his contentious $44 billion buyout of Twitter.

As a result, today Musk's $44.8 billion position in Space Ex makes up a more significant share of his fortune than his $44 billion position in Tesla.

Despite Elon's claims that "Tesla is doing better than ever," the automaker announced in October that it would miss its promised 50% growth in annual sales.

Meanwhile, in December, the company announced a combined $7,500 rebate on two of its most consumer-facing models, the Model 3 and the Model Y. Many investors saw the discount as a seemingly desperate ploy to drive up sales before the end of the year.

Furthermore, according to Bloomberg, Tesla has cut production at its Shanghai plant, adding further concerns for investors beyond Elon's tumultuous Twitter buyout.

Indeed beyond the buyout, Tesla faces further headwinds in the form of a likely recession, of which Musk himself has warned in a call out on Twitter spaces, and mounting competition for EV dominance from legacy automakers like Volkswagen (OTC VWAPY), Ford (F  ), and GM (GM  ).

"Tesla clearly is starting to see demand cracks in China and in the US at a time that EV competition is increasing across the board," Dan Ives of Wedbush and noted Tesla bull, told CNN Business. Ives has cut his price target for Tesla from $250 to $175. "The price cuts that Tesla enacted was the straw that broke the camel's back on the stock."

None of the above is to say that concerns about Twitter have not played their part in Tesla's fortunes. Indeed the automaker's shares have tumbled at least 65% since Musk first proposed a buyout of the social media platform. Investors likely remain concerned Musk might dump yet more of his Tesla stake in order to keep his tenuous operation at Twitter afloat.

In a December call on Twitter spaces, Musk promised he was done selling shares of Tesla until 2024. But in the past Musk has not held true to such promises. The tech magnate made a similar oath in April only to liquidate $14.4 billion in Tesla shares since then.

"It's been a Pinocchio situation for Musk saying he is done selling stock. Investors want to see him walk the walk and not just talk the talk," Ives added.