Elon Musk has been inducted into the Guinness Book of World Records for the largest-ever loss of personal wealth following the collapse of Tesla stock.
According to Forbes, the Twitter and Tesla CEO, who was surpassed as the world’s richest man in December, has lost approximately £153 billion ($182 billion) since November 2021.
According to Oher sources, it could be closer to £170 billion ($200 billion).
According to Forbes, Musk’s net worth fell from $320 billion in 2021 to $138 billion in January 2023, owing largely to Tesla’s stock’s poor performance.
According to Guinness World Records, while the precise amount of Musk’s losses is “almost impossible to ascertain,” his total losses “far exceed” the previous record of $58.6 billion set by Japanese tech investor Masayoshi Son in 2000.
Musk fell to second place on the world’s wealthiest list at the end of last year, being surpassed by LVMH Mot Hennessy Louis Vuitton chairman and CEO Bernard Arnault.
According to Forbes, Arnault’s net worth is $203.7 billion (£168 billion), while Musk is $146.5 billion (£121 billion).
Musk has been the world’s richest person since September 2021, when he succeeded Amazon CEO, Jeff Bezos.
Tesla stock more than halved in value in 2022, CNBC reported, due in part to a sell-off accelerated in the aftermath of Musk’s $44 billion (£35.5 billion) Twitter take-off, in which he sold $4 billion (£3.2 billion) of Tesla stock.
According to the report, billionaires’ net worth is “much more volatile and variable” than the average earner’s.
“This is due to the fact that the majority of a billionaire’s fortune is typically held in the form of stocks and investments. As the market value of these investments fluctuates, so does the apparent wealth of their owners.” “As Elon Musk builds his own tech conglomerate, we won’t be surprised to see him bounce back at some point in the future,” it added.
