Elon Musk ‘earns’ Guinness World Record for ‘largest loss of personal fortune in history’


Share post:

Billionaire Elon Musk has earned an unfortunate world record after suffering through an unprecedented wealth wipeout in recent months.

Musk, who once ranked as the world’s richest person, shattered the mark for “the largest loss of personal fortune in history,” the experts at Guinness World Records said in a release last week.

After reaching a peak of $340 billion in November 2021, Musk’s fortune plummeted by more than $210 billion to an estimated $130 billion as of Tuesday, according to the Bloomberg Billionaires’ Index. Forbes placed Musk’s losses slightly lower at about $182 billion.

By either measure, Musk’s losses broke the previous world record held by Japanese tech investor and SoftBank founder Masayoshi Son, who lost $58.6 billion off his fortune as the dot-com bubble burst in 2000.

The shocking downturn cost Musk his long-held title as the world’s richest individual. He currently ranks second on Bloomberg’s list, trailing LVMH founder Bernard Arnault, who is worth an estimated $179 billion.

Elon Musk has lost more than $210 billion on paper.
Anadolu Agency via Getty Images

The bulk of Musk’s wealth is tied up in shares of Tesla, which is in the midst of a major slump.

The automaker’s shares plunged by a whopping 65% last year as Tesla contended with supply chain issues, dwindling demand in the key China market and the fallout from Musk’s controversial takeover at Twitter.

Guinness World Record
Musk has the record for “largest loss of personal fortune in history.”
NurPhoto via Getty Images

The slump has continued into the new year after Tesla’s latest vehicle delivery tallies fell short of Wall Street’s expectations.

Critics say Musk exacerbated the investor confidence crisis facing Tesla by selling off large tranches of stock to fund his $44 billion Twitter acquisition. Meanwhile, Twitter’s revenue has reportedly plummeted as advertisers fled the platform in the wake of Musk’s deal.

Elon Musk
Elon Musk is CEO of Tesla and Twitter.

Musk has faced significant scrutiny over his actions at Twitter, which have included hundreds of job cuts, clashes with advertisers and an overhaul of the company’s account verification policies.

Musk referenced the Tesla share slump in a recent memo, telling employees to ignore “stock market craziness” and focus on their work.

Source link

Related articles

Mark Zuckerberg plans to integrate AI technology ‘into every single’ Meta platform

Mark Zuckerberg told executives Thursday that AI tools will soon be integrated “into every single one” of...

GM adopts Tesla’s EV charging system in big win for Elon Musk

General Motors will join Ford in adopting Tesla’s North American charging plug standard and give GM electric-vehicle buyers access...

Google tells East Coast employees to work from home over Canadian wildfire

Google allowed employees in New York City and other East Coast locales to work from home to...

Theranos fraudster Elizabeth Holmes cries during first prison visit with husband Billy Evans, parents

Distraught Theranos fraudster Elizabeth Holmes was spotted crying throughout a seven-hour reunion with her family last weekend...