Elon Musk has entered the Guinness Book of World Records for the largest loss of personal wealth after Tesla shares plummeted.
Twitter and Tesla CEO – who Be surpassed as the richest man in the world Since November 2021, the company has lost around £153bn ($182bn) in December, according to Forbes estimates.
Other sources suggest it may actually be closer to £170bn ($200bn).
According to Forbes, muskAs of January 2023, his net worth has dropped from a peak of $320 billion in 2021 to $138 billion, largely due to the underperformance of Tesla stock.
A report from Guinness World Records said that while the exact figure of Musk’s losses is “virtually impossible to determine,” his total losses “significantly exceed” the previous record of $58.6 billion set by Japanese tech investor Masayoshi Son in 2000.
Musk slipped to No. 2 on the world’s rich list late last year, surpassed by Bernard Arnault, chairman and chief executive of LVMH Moët Hennessy Louis Vuitton.
On the Forbes list, Arnault has a net worth of $203.7 billion (£168 billion), while Musk has a net worth of $146.5 billion (£121 billion).
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Musk has been the world’s richest man since September 2021, succeeding Amazon CEO Jeff Bezos.
According to CNBC, the value of Tesla shares could more than halve in 2022, partly because of a sell-off that accelerated after Musk’s $44bn (£35.5bn) tweet took off, where he Sell $4bn (£3.2bn) or Tesla shares.
The net worth of billionaires is “more volatile and variable” than that of ordinary earners, the report states.
“This is because the bulk of a billionaire’s wealth is often in the form of stocks and investments. As the market valuations of these investments fluctuate, so do the apparent wealth of their owners.”
It added: “If Elon Musk continues to build his tech conglomerate, we wouldn’t be surprised to see him rebound at some point in the future.”