World record-setting wealth loss for Elon Musk

World record-setting wealth loss for Elon Musk

Elon Musk, the owner of Twitter and founder of SpaceX, has set a new world record and this is a world record for the most significant loss of personal wealth.


In a post on its website, Guinness World Records said that between November 2021 and December 2022, his wealth decreased by $165 billion.


These figures are taken from data from Forbes magazine, but Guinness says that according to some other sources, the loss to Elon Musk could be even higher.


When he bought Twitter last year, his electric car company shares, Tesla, saw a decline as investors worried that he was not paying enough attention to Tesla after buying Twitter for $44 billion.


The previous record for the largest loss in personal wealth was held by Japanese technology investor Masayoshi Son in 2000, who lost $58.6 billion.


This estimate of losses is based on the value of their shares that can recover their lost value. This means that their wealth may also increase.


He lost his position as the world's richest man in December when he was replaced by Bernard Arnault, chief executive of French luxury goods giant Louis Vuitton.


The year 2022 saw a 65% drop in Tesla shares, partly due to Tesla's performance. The company delivered just over 1.3 million vehicles this year, falling far short of Wall Street expectations.


But the biggest reason for the decline in shares is his purchase of Twitter, where he has fired a large number of people and changed content review policies, which has led to controversy.


Many Tesla investors believe they should pay attention to the electric vehicle maker, which faces slowing demand, increased competition, and production problems linked to Covid-19 due to fears of a recession.


Elon Musk tweeted after stock markets closed on the last business day of December 2022 that Tesla's long-term indicators are strong while "short-term market insanity" cannot be predicted.


Now, according to Forbes, Elon Musk's wealth is $178 billion, while Bernard Arnault's wealth is estimated at $188 billion.

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