Elon Musk has broken the Guinness World Record for the greatest loss of personal fortune in history.
According to Forbes, he has lost almost $182 billion (£153 billion; €173 billion) since November 2021; however, some sources contend that it may have been closer to $200 billion.
Musk’s cumulative losses greatly exceed the previous record of $58.6 billion, established by Japanese tech investor Masayoshi Son in 2000, despite it being nearly impossible to determine the actual amount.
Forbes reports that Musk’s net worth decreased significantly as a result of Tesla’s stock’s dismal performance, from $320 billion at its peak in 2021 to $138 billion as of January 2023.
“Long-term fundamentals are extremely strong. Short-term market madness is unpredictable,” Musk tweeted after the market closed for the year on 30 December 2022.
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Musk due to those developments lost the title of world’s richest person to Bernard Arnault, a Frenchman and the founder of the luxury goods giant LVMH (Louis Vuitton Mot Hennessy), who is thought to be worth an estimated $190 billion (£156 billion; €177 billion).
Elon Musk’s wealth is mostly based on Tesla stock, the value of which fell by 65% in 2022.
This worrying trend increased in October when Musk paid almost $44 billion (£37 billion; €42 billion) to acquire Twitter.
The turbulent takeover and Musk’s divisive online behavior led to the greatest Tesla stock sell-off since the business went public in 2010.
Despite the decline in affluence, Tesla continues to be the most valuable automobile manufacturer in the world, with a market worth more than $100 billion higher than that of Toyota, their nearest rival.