Home » Elon Musk breaks the Guinness World Record for the biggest loss of personal wealth

Elon Musk breaks the Guinness World Record for the biggest loss of personal wealth

by OnverZe
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The largest loss of personal fortune in history was set by Elon Musk, the CEO of Tesla, SpaceX, and Twitter, according to Guinness World Records (GWR). It cited Forbes’ estimate that Musk’s net worth has decreased by about $182 billion since November 2021, primarily as a result of the decline in Tesla stock. However, according to other sources, the loss amount is probably close to $200 billion.

According to the most recent data from Forbes, Musk’s net worth has drastically decreased and now stands at $140.1 billion, moving him down to number two on the list of the world’s wealthiest people behind French entrepreneur Bernard Arnault.

In the meantime, according to a blog post by GWR, “Musk’s total losses far exceed the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000, even though the precise figure is almost impossible to ascertain.

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The struggling Tesla stock is largely to blame for the Tesla CEO’s net worth falling from its peak of $320 billion in November 2021 to $40 billion as of January 10, 2023. In order to pay for his Twitter deal, Musk reportedly sold Tesla shares worth around $7 billion. Additionally, Musk sold additional stock last month worth $3.58 billion.

Tesla stock has plummeted from a high of $407 on November 5, 2021 to a low of $119.7 per share. Tesla currently has a $375 billion market capitalization.

Tesla shares are no longer Elon Musk’s most valuable asset, according to Bloomberg’s wealth index, as a result of their over 65 percent decline in 2022. Compared to his approximately $44 billion stake in Tesla, Musk has a $44.8 billion stake in SpaceX. According to reports, the billionaire owns 42.2 percent of SpaceX.

The GWR reported that Musk’s financial decline accelerated in October following the $44 billion Twitter deal. The blog post stated that the turbulent takeover and Musk’s divisive online behaviour were the main causes of the biggest Tesla stock sell-off since the company went public in 2010.

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