On Friday, Guinness World Records (GWR) announced Elon Musk’s loss of fortune set a world record. The organization noted in a blog post that Forbes estimated Mr. Elon Musk had lost around $182 billion since November 2021, but that other sources indicated that the figure may reach $200 billion.
A massive decline in Musk’s fortune has pushed him to second place on Forbes’ list of the world’s wealthiest people behind French businessman Bernard Arnault, according to the latest data.
While Musk’s losses are nearly impossible to ascertain with any certainty, GWR wrote in a blog post, “the total is far higher than the previous record of $58.6 billion set by Japanese tech investor Masayoshi Son in 2000.”
Since November 2021, Tesla’s net worth surged to $320 billion, but it has fallen to $40 billion as of January 10, 2023, mainly because Tesla’s stock has struggled. Tesla shares worth around $7 billion were also reported to have been sold to finance Musk’s Twitter deal. A total of $3.58 billion worth of Musk’s stock was also sold last month.
On November 5, 2021, Tesla’s shares reached a high of $407, but have since fallen to $119.7 each. In terms of market capitalization, Tesla is worth $375 billion at the moment.
In 2022, Tesla shares dropped over 65 percent, making them Elon Musk’s least valuable asset according to Bloomberg’s wealth index. Musk holds a $44.8 billion stake in SpaceX, compared with a $44 billion stake in Tesla. SpaceX is owned by the billionaire to the tune of 42.2%, according to reports.
According to the organization, this alarming decline reached a fever pitch after Mr Musk bought Twitter for about $44 billion in October. Tesla stock has been on a tear since the company went public in 2010, mainly as a result of the tumultuous takeover coupled with Musk’s polarizing behavior on the platform.
A report by Guinness said that Masayoshi Son’s company, Softbank, had been completely wiped out by the dot-com crash after he saw his net worth go from $78 billion to $19.4 billion in February 2000. Following the acquisition of several US and British technology companies, the company was able to rebound. “It shouldn’t come as a shock to us that Elon Musk bounces back again at some point in the future as he builds and expands his own tech conglomerate,” wrote Guinness in the blog post.
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