Jan 14 (The Guardian) – Elon Musk has broken the world record for the largest loss of personal fortune in history, according to a Guinness World Records report.
The tech billionaire has lost approximately $182bn (£150bn) since November 2021, although other sources suggest that it could actually be closer to $200bn, the report said.
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“Musk’s net worth dropped from a peak of $320bn in 2021 to $138bn as of January 2023, largely due to the poor performance of Tesla’s stock,” the global records database said, citing figures obtained from Forbes.
Although the report concedes the exact figure is “almost impossible to ascertain”, it noted that Musk’s total losses “far surpass” the previous record of $58.6bn (£47bn), set by Japanese tech investor Masayoshi Son in 2000.
In December, the Tesla boss lost his position as richest person in the world to Bernard Arnault, the chief executive of French luxury goods conglomerate LVMH, which owns fashion label Louis Vuitton.
Forbes estimates as of 12 January put Arnault’s net worth at $203.7bn (£168bn) and Musk’s at $146.5bn (£121bn).
The majority of Musk’s fortune is tied up in Tesla stock, the value of which plummeted 65% in a tumultuous 2022, the Guinness World Records report said.
The decline accelerated in October after Musk bought Twitter for roughly $44bn (£36bn), it said.
Growing worries about weakening demand and logistical problems have hampered deliveries for the world’s most valuable automaker.
As the market closed for the year on 30 December 2022, Musk tweeted: “Long-term fundamentals are extremely strong. Short-term market madness is unpredictable.”
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