Elon Musk breaks world record for worst loss of fortune in history
The Guinness World Records said Tesla and Twitter CEO had officially broken the world record for the largest loss of personal fortune amid “market madness.”
Musk is estimated to have lost around $182 billion since November 2021, according to Forbes, which reported it was primarily due to the poor performance of Tesla’s stock. Others suggest the losses could be closer to $200 billion.
While it was almost impossible to ascertain the exact figure, Musk’s total losses “far surpass” the previous record set by Japanese tech investor Masayoshi Son, who lost $58.6 billion in 2000, the Guinness World Records said.
Musk’s net worth was reported to be $138 billion as of January 2023, a drop from a peak of $320 billion in 2021, when he was declared the world’s richest person by Forbes – a title he lost last year to LVMH CEO Bernard Arnault.
The majority of Musk’s fortune is linked to Tesla stock, the value of which plummeted 65% in 2022, according to the Guinness World Records. It said the “alarming decline” accelerated in October when Musk bought Twitter.
“The tumultuous takeover, coupled with Musk’s polarizing behavior on the platform, sparked the biggest Tesla stock sell-off since the company went public in 2010,” the Guinness World Records said.
Investors have also expressed concerns that Twitter was acting as a distraction and called on Musk to refocus his attention on Tesla. Despite challenges, it remains the world’s most valuable car company, with a $100 billion larger market cap than Toyota, its closest competitor.
Son, the previous record holder and a founder of Softbank, bounced back as his business went “from strength to strength” after 2000, the Guinness World Records noted.
“As Elon Musk continues to build his own tech conglomerate, we won’t be surprised to see him bounce back too at some point in the future,” it said.
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