Elon Musk Set Guinness World Record For Largest Loss Of Personal Wealth
Update: 2023-01-11 14:16 IST
Elon Musk
According to Guinness World Records (GWR), Elon Musk has set a record for the biggest loss of personal riches in history. The company said that some sources suggest Mr. Musk has lost close to $200 billion, citing Forbes' estimate that he has lost about $182 billion since November 2021.
According to the website, even though it's very difficult to pinpoint the precise amount, Musk's overall losses much exceed the previous record of $58.6 billion, which was achieved by Japanese tech investor Masayoshi Son in 2000. It added that due to his troubles, Musk also lost the title of world's richest person to Bernard Arnault, a French businessman and the creator of the luxury goods giant LVMH (Louis Vuitton Moet Hennessy), who is thought to have a net worth of $190 billion.
As per sources, Elon Musk's net worth decreased significantly as a result of the underwhelming performance of Tesla's shares, falling from $320 billion in November 2021 to $137 billion in January 2023. According to the outlet, Mr. Musk sold $7 billion worth of Tesla stock to raise money for his plan to purchase Twitter, as well as another $4 billion in November. He sold an additional $3.58 billion of stock in the past month, increasing his overall sell-off to more than $23 billion since April.
Furthermore, the group also pointed out that this frightening fall quickened in October following Mr. Musk's acquisition of Twitter for about $44 billion.