Elon Musk Sets Guinness World Records For Largest Loss Of Personal Fortune In History

 Elon Musk, Tesla, SpaceX, and Twitter owner, has set a world record for the largest loss of personal fortune in history, according to a Guinness World Records report.

Musk has reportedly lost approximately $182bn (£150bn) since November 2021, according to Guinness World Records. The loss in net worth made Musk the second richest man in the world. 

According to various other sources, Elon Musk lost around $200bn. Musk’s total losses since 2021 “far surpass” the previous record of $58.6bn (£47bn) set by Japanese tech investor Masayoshi Son in 2000.

According to the Bloomberg Billionaires Index, Musk‘s net worth has plummeted by more than $200 billion over the past 13 months. The exact figure is almost impossible to ascertain. 

Around $208 billion of wealth was wiped from Musk’s wealth after the stock of Tesla collapsed. Tesla lost around 70 percent of its value in 2022, which ultimately affected Musk’s wealth. 

On December 27, Tesla shares saw a massive 11 percent fall in the market. Tesla’s market cap was down by nearly $900 billion by the end of 2022. Subsequently, Musk lost his position as the richest person in the world to Bernard Arnault, the CEO of French luxury goods conglomerate LVMH. 

According to Forbes, Arnault’s net worth is $203.7bn (£168bn) and Musk’s net worth is at $146.5bn (£121bn) as of January 12, 2023.

Reportedly, Musk sold the majority of his Tesla shares to buy Twitter in October 2022. After buying the social media platform, he wrote on Twitter, "Tesla is executing better than ever! We don’t control the Federal Reserve.” However, investors raised concerns over the declining shares of Tesla. They also said that Musk shifted his focus to Twitter from Tesla.

Reportedly, weakening demand and logistical problems have hampered deliveries of Tesla cars in the market.