Elon Musk breaks Guinness World Record for largest loss of fortune

It’s official: Elon Musk has now shattered the world report for the most important lack of private fortune in historical past, in keeping with the Guinness World Records (GWR). His loss is as much as US$124 billion greater than the earlier report.

Since November 2021, he has misplaced round US$182 billion, in keeping with Forbes. In a weblog put up, GWR says that whereas“the exact figure is almostimpossible to ascertain,”different sources counsel the misplaced quantity is nearer to US$200 billion, surpassing by far the earlier report set by Japanese tech investor Masayoshi Son — who, in 2000, misplaced US$58.6 billion.

Masayoshi Son’s internet price declined from a peak of US$78 billion to US$19.4 billion in July of 2000 because of the volatility and plummeting worth of his tech conglomerate, Softbank, GWR stated.

Forbes estimates that Musk’s internet price, largely affected by poor efficiency of Tesla’s inventory, plummeted from US$320 billion in 2021 to US$138 billion as of January 2023.

“Long-term fundamentals are extremely strong. Short-term market madness is unpredictable,” Musk tweeted on Dec. 30, 2022.

With the overwhelming majority of Musk’s fortune hinged to Tesla inventory, the 65 per cent drop within the firm’s worth in 2022 was one other black eye in a storm of economic woes that knocked off his standing because the world’s richest individual. (The title now goes to Bernarn Arnault, founding father of Louis Vuitton Moët Hennessy, who has an estimated internet price of US$190 billion.)

Musk’s steep descent kicked off in October 2022,when he bought Twitter for about US$44 billion.

Despite such a drastic decline of wealth, Musk gained’t starve.

He stays the world’s second-richest individual.