According to a recent report from Guinness World Records, Elon Musk has officially broken the world record for the largest loss of personal fortune in history. The tech billionaire has seen a staggering decline in his net worth, losing approximately $182 billion since November 2021. Some sources even suggest that the figure could be closer to $200 billion.
Musk’s net worth has plummeted from its peak of $320 billion in 2021 to $138 billion as of January 2023, primarily due to the poor performance of Tesla’s stock. This significant decline surpasses the previous record held by Japanese tech investor Masayoshi Son, who lost $58.6 billion in 2000.
In December, Musk was dethroned as the richest person in the world by Bernard Arnault, the CEO of French luxury conglomerate LVMH. Forbes estimates Arnault’s net worth at $203.7 billion, while Musk’s stands at $146.5 billion.
The majority of Musk’s fortune is tied to Tesla stock, which experienced a tumultuous year in 2022 with a 65% decline in value. The situation further worsened in October when Musk acquired Twitter for approximately $44 billion. Alongside concerns about weakening demand and logistical issues, these factors have negatively impacted deliveries for the world’s most valuable automaker.
Despite the significant financial setback, Musk remains optimistic about the future. In a tweet at the close of the market on December 30, 2022, he stated, “Long-term fundamentals are extremely strong. Short-term market madness is unpredictable.”
Elon Musk’s journey provides a cautionary tale about the unpredictable nature of the financial markets. This record-breaking loss serves as a reminder that even the wealthiest individuals are not immune to fluctuations and challenges.
