Elon Musk Sets New World Record For Biggest Personal Fortune Loss

Twitter and Tesla CEO, Elon Musk, has made it into the Guinness Book of Records for the largest loss of personal fortune after losing approximately $182 billion within a year.

Elon Musk Sets New World Record For Biggest Personal Fortune Loss

According to Forbes, Musk’s net worth dropped from a peak of $320 billion in November 2021 to $155 billion the following year.

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However, other sources estimate the losses to be even greater, potentially reaching $200 billion.

The majority of the US entrepreneur’s fortune is tied up in his Tesla stock and the value fell 65 per cent in 2022.

The sudden decline in the value of Tesla’s stock occurred after Musk bought the social media platform Twitter for around $44 billion.

“The tumultuous takeover, coupled with Musk’s polarising behaviour on the platform, sparked the biggest Tesla stock sell-off since the company went public in 2010,” a report from the Guinness World Records said.

Last year, Musk sparked controversy after laying off a significant number of Twitter staff when he bought over the micro-blogging firm.

He recently sold off about $4 billion of Tesla stock, while raising funds to complete the $44 billion deal on the Twitter acquisition.

In December, Forbes announced that Musk is no longer the richest person in the world.

He currently the second position in its latest list of “Real-Time Billionaires” with a net worth of $183.6 billion.

The controversial entrepreneur comes after the CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac, Bernard Arnault, whose net worth was estimated at $186.2 billion.

Prior to his recent decline in fortunes, Musk held the position of the world’s richest man between 2020 and 2021, after he was displaced.

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