Elon Breaks Guinness World Record for Losing Most Personal Wealth

The Guinness World Records introduced Tesla and Twitter CEO Elon Musk has damaged the world document for the particular person to lose the biggest quantity of non-public wealth in historical past. The billionaire has reportedly misplaced a complete of $182 billion since November 2021. Some of the loss was attributed to the $44 billion deal reached to buy the social media platform, Twitter, in October of final yr.

The Guinness World Records mentioned in a news release that the precise quantity of wealth Musk misplaced is “impossible to ascertain,” however it may well verify that he has far surpassed the earlier document of a $58.6 billion loss. According to the oldsters at Guinness World Records, Musk broke the document for the “largest loss of personal fortune in history.” That document was beforehand set in 2000 by Japanese tech investor Masayoshi Son who misplaced his private wealth because of poor investments within the dotcom surge.

Musk encountered a significant loss due partially to his fortune being tied up in Tesla’s shares which quickly crashed by 65% final yr, in accordance with the Guinness World Records report. Ahead of buying Twitter, Musk bought almost $7 billion of his Tesla shares because the demand for Musk’s Tesla conglomerate has abruptly lessened as competitors stemming from electrical automobiles gained in recognition final yr.

Forbes reported Musk’s web price is $146.4 billion as of January 2023, dropping from a whopping $320 billion in 2021.

However, proof of Tesla’s shrinking recognition got here to gentle final month when the corporate introduced it might be holding a uncommon sale in an effort to filter out its stock. The firm provided two rebates to patrons who would buy and take supply of a automobile earlier than the top of 2022. Buyers have been initially provided a $3,750 low cost with a doubled rebate of $7,500 within the remaining two weeks of the yr.

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Despite the drastic drop in his private wealth, Musk nonetheless stays the second-richest particular person on the earth, falling proper behind LVMH’s CEO Bernard Arnault.

Heading into the New Year, Musk responded to Tesla Owners Silicon Valley who wrote on Twitter, “I’ve seen so many people within the community freak over the past several weeks and yet @elonmusk has continued to reiterate his commitment to @tesla. The Tesla team is killing it and pushing hard to end the quarter well during these recession headwinds.”

Musk tweeted on December 30, “Long-term fundamentals are extremely strong. Short-term market madness is unpredictable.”