Elon Musk has broken the world record for the largest loss of personal wealth in history, according to a Guinness World Records report.
The tech billionaire has lost an estimated $182 billion (£150 billion) since November 2021, although other sources suggest it may actually be closer to $200 billion. the report says.
“Musk’s net worth has fallen from a peak of $320 billion in 2021 to $138 billion as of January 2023, largely due to the poor performance of Tesla stock,” the global records database said, citing of data obtained from Forbes.
While the report admits the exact figure is “almost impossible to ascertain”, it notes that Musk’s total losses “far exceed” the previous record of $58.6bn (£47bn) set by a Japanese tech investor Masayoshi Son in the year 2000
In December, the Tesla boss lost his position as the world’s richest man to Bernard Arnault, chief executive of French luxury goods conglomerate LVMH, which owns fashion label Louis Vuitton.
Forbes Ratings as of January 12 put Arnaud’s net worth at $203.7bn (£168bn) and Musk’s at $146.5bn (£121bn).
Most of Musk’s fortune is tied up in Tesla shares, which plunged 65% in value in a tumultuous 2022, the Guinness World Records report said.
The decline accelerated in October after Musk’s purchase Twitter for approximately $44bn (£36bn), it said.
Growing concerns about weakening demand and logistics problems have hampered supplies for the world’s most valuable carmaker.
When the market closed for the year on December 30, 2022, Musk tweeted: “Long-term fundamentals are extremely strong. Short-term market frenzy is unpredictable.
#Elon #Musk #breaks #world #record #largest #loss #personal #fortune #history #Elon #Musk