Elon Musk shatters the record for the greatest personal wealth loss in Guinness record.
Elon Musk, who rose to become the world’s billionaire at a rocket speed and surprised everyone, is losing his wealth just as fast. Since 2021, he has lost approximately 182 billion dollars in wealth. Elon Musk has created a record as the person with the most personal wealth in the world. In November 2021, Musk’s assets were 320 billion dollars, and by January 2023, his wealth had fallen to 137 billion dollars. The reason for his huge losses is the falling value of Musk’s Tesla company. Since buying Twitter, he has sold $23 billion worth of Tesla stock.
According to Guinness World Records (GWR), Elon Musk has set a record for the biggest loss of personal riches in history. The company said that some sources suggest Mr. Musk has lost close to $200 billion, citing Forbes’ estimate that he has lost about $182 billion since November 2021.
Musk’s overall losses substantially exceed the previous record of $58.6 billion, established by Japanese tech investor Masayoshi Son in 2000, according to GWR, even though the precise amount is very hard to determine.
The Hill claims that Elon Musk’s net worth decreased significantly as a result of the underwhelming performance of Tesla’s shares, from $320 billion in November 2021 to $137 billion in January 2023. According to the outlet, Mr. Musk sold $7 billion worth of Tesla stock to raise money for his plan to purchase Twitter, as well as another $4 billion in November. He sold an additional $3.58 billion of stock in the past month, increasing his overall sell-off to more than $23 billion since April.
The creator of luxury goods group LVMH (Louis Vuitton Moet Hennessy), Bernard Arnault (France), who is estimated to have a net worth of $190 billion, replaced Musk as the richest person in the world due to Musk’s misfortunes, according to GRW.
The group also pointed out that this frightening fall quickened in October following Mr. Musk’s acquisition of Twitter for about $44 billion. The biggest Tesla stock sell-off since the firm went public in 2010 was caused by the turbulent takeover and Musk’s divisive online behaviour, it noted.
Guinness added that the dot-com bust completely destroyed the value of Masayoshi Son’s company, Softbank, whose net worth fell from a peak of $78 billion in February 2000 to $19.4 billion in July of that same year. In order to recover, the company finally purchased a number of British and American technological firms. We won’t be shocked to see Elon Musk bounce back too at some point in the future, the Guinness blog post said, as he continues to create his own tech company.
