Elon Musk enters Guinness World Records for suffering worst loss of fortune in history
Businessman Elon Musk has now officially broken the world record for the largest loss of personal fortune in history.
Even though Elon Musk has been on the news from time to time, 2022 was bit different. Not only the businessman was trending in the news in 2022 but also apparently lost a gigantic amount from his personal fortune. Musk has now officially broken the world record for the largest loss of personal fortune in history.
The businessman has approximately lost $182 billion (£153B; €173B) since November 2021, Forbes estimated. However other sources have suggested that the loss is closer to $200 billion. The previous record was in the name of Japanese tech investor Masayoshi Son in 2000. Masayoshi had lost $58.6 billion in a year.
As reported by Forbes, Elon Musk achieved pinnacle of his personal fortune in 2021 ($320 billion). However, as of January 2023, the personal fortune of the entrepreneur is $138 billion. This has happened due to poor performance of Tesla stock, added Forbes. The value of Tesla stock decreased by 65 percent in 2022 and the decline accelerated after Musk’s acquisition of social media platform Twitter. Musk acquired Twitter for $44 billion (£37B; €42B).
How is Musk’s wealth related to his company?
Billionaires like Elon Musk have their fortune in the form of shares and investments. A fluctuation in the market valuation of these impacts the owner’s personal wealth.
Elon Musk’s wealth is more or less related to the market valuation of his company- Tesla. As the share price of Tesla tumbles, so does the net worth of Elon Musk.
Even though Elon Musk has lost more than half of his personal fortune, he is still the second richest person in the world. Currently, Bernard Arnault (France), founder of luxury goods conglomerate LVMH (Louis Vuitton Moët Hennessy) is the world’s richest person. His net worth is $190 billion. Indian businessman Gautam Adani is the 3rd richest person on the planet with $126.8 billion. Similarly, while Amazon founder Jeff Bezos and American businessman Warren Buffet are 4th and 5th richest person in the world.
Ms Kalinga