Elon Musk enters the book of world records with the largest personal fortune loss in history
Elon Musk has broken the world record for the greatest loss of personal wealth in history, according to Guinness World Records.
Musk, owner of Tesla and Twitter, lost about $165 billion in net worth from November 2021 to December 2022, according to the Guinness World Records website.
Those numbers are based on reports from business magazine Forbes, but Guinness says there are other sources that suggest Musk’s losses could exceed those numbers.
This comes after Tesla, the electric car giant, lost its stake after the controversial billionaire bought Twitter last year.
Musk’s $44 billion purchase of the major social media company sparked fears among investors that his interest in Tesla could be waning.
Musk’s personal wealth losses since November 2021 have surpassed the previous record losses of Japanese tech-sector investor Masayoshi Son in 2000, which totaled $58.6 billion.
Estimated losses in Musk’s personal wealth are based on the value of the shares he owns in the companies he runs, meaning he can recoup those losses if those shares rise again.
And last December, the Tesla CEO lost the title of richest man in the world to Bernard Arnault, CEO of French luxury goods company LVMH, which owns global fashion brand Louis Vito.
Tesla’s market value fell about 65 percent in 2022 due to several factors, most notably the company’s poor performance. During that period, the company’s sales didn’t surpass 1.3 million electric cars, which was below Wall Street expectations.
However, it’s likely that Elon Musk’s acquisition of Twitter was behind the company’s share price decline.
Musk sparked widespread controversy after firing a large number of the company’s employees and changing the social networking site’s content moderation policy.
Most investors in Tesla stock think the company’s billionaire owner should focus on the electric-car giant and support it on manufacturing issues, given weak demand for its products amid recession fears and heightened competition from other companies in the industry the spread of Covid.
Musk said in a tweet via his account on social networking site Twitter following the recent shutdown of US stocks in December 2022: “Twitter’s long-term financial fundamentals look very strong. As for the short-term factors surrounding the madness, the markets are unpredictable.”
Musk’s net worth is currently $17 billion, according to Forbes, while Bernard Arnault’s net worth is estimated at around $188 billion.
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