Elon Musk sets Guinness World Record for biggest ever loss of personal wealth

Elon Musk sets Guinness World Record for biggest ever loss of personal wealth

The volatile businessman has lost around $180 billion since November 2021, the publication said, although other sources suggest that it could actually be closer to $200 billion

FPJ Web DeskUpdated: Tuesday, January 10, 2023, 02:10 PM IST
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Elon Musk | Image: Wikipedia

The Tesla and SpaceX CEO Elon Musk has set a new Guinness World Record for losing personal wealth.

The volatile businessman has lost around $180 billion since November 2021, the publication said, although other sources suggest that it could actually be closer to $200 billion.

According to Guinness World Records, the wealth lost is an approximate figure, but Musk's total losses far surpass the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000.

Elon Musk's net worth dropped from a peak of $320 billion in 2021 to $138 billion as of January 2023 due to the poor performance of the Tesla stocks, according to Forbes magazine.

In addition, Musk's difficulties caused him to lose his title as the richest person in the world to Bernard Arnault (France), the creator of the luxury goods group LVMH (Louis Vuitton Mot Hennessy), who is estimated to have a net worth of $190 billion.

Still the second-richest in the world

Musk is still the second-richest person in the world despite having lost more money than any other human ever.

The previous three months have seen a steep decline in Tesla's stock, partly as a result of Musk's takeover of Twitter and associated distractions.

Since buying Twitter, there has been suspicion that Musk may sell additional Tesla shares to keep the cash-strapped social media business viable and divert his attention from managing the automaker. This has put pressure on the price and caused it to decline.

Tesla's challenges

Tesla is dealing with a growing number of difficulties, such as escalating costs, aggressive competitors, and the possibility of a recession slowing demand. Major manufacturers, which are expected to overwhelm the market with a plethora of new EVs over the following few years, are another significant competitive danger the company must contend with.

The market capitalization of Tesla is still more than $100 billion greater than that of their closest rivals, Toyota Motor Corp., General Motors Co., Stellantis NV, and Ford Motor Co. combined, despite the decline in profitability. Tesla continues to be the most valuable automobile manufacturer in the world.

Masayoshi Son's Softbank

The value of Masayoshi Son's tech company, Softbank, was destroyed by the dot-com meltdown, as his net worth dropped from a peak of $78 billion in February 2000 to $19.4 billion in July of that same year.

The environment at Softbank was so unstable in 2000 that Son's net worth occasionally fluctuated by as much as $5 billion in a single day.

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