Elon Musk’s Drop In Fortunes Earns Him A Guinness World Record
Once ranked the richest man in the world, Elon Musk set a regrettable world record after recently experiencing an enormous wealth wipeout. According to a report from Guinness World Records, Musk, whose net worth surpassed $300 billion at one point, broke the record for “the biggest loss of personal fortune in history.”
According to the Bloomberg Billionaires’ Index, Musk’s wealth dropped by more than $210 billion to an estimated $130 billion as of Tuesday after peaking at $340 billion in November 2021. According to Forbes, Musk’s net worth decreased from $320 billion (€295 billion) in 2021, when it was at its highest, to $138 billion (€127 billion) in January 2023.
However, Musk’s Twitter (mis)adventures did not lead to the breaking of this record. Although it might be claimed that Musk’s purchase of Twitter contributed to the company that first made him wealthy, almost going under, Forbes claims that the billionaire’s wealth loss is primarily the result of Tesla’s stock’s poor performance.
By any metric, Musk’s losses surpassed the previous record set by Masayoshi Son, the founder of SoftBank and a Japanese tech investor who lost $58.6 billion of his fortune in 2000 as the dot-com bubble burst. The unexpected decline cost Musk his long-held position as the richest person in the world. On Bloomberg’s ranking, he is presently ranked second behind LVMH founder Bernard Arnault, who is thought to be worth $179 billion.
What the critics say
Tesla struggled with supply chain challenges, declining demand in the important China market, and the aftermath of Musk’s contentious takeover at Twitter as the automaker’s shares fell by a staggering 65% last year. After Tesla’s most recent vehicle delivery totals fell short of Wall Street’s estimates, the slide has persisted into the new year.
Critics claim that by selling off huge chunks of stock to pay for his $44 billion purchase of Twitter, Musk added to the crisis of investor confidence Tesla is currently experiencing. As advertisers left the network after Musk’s deal, Twitter’s revenue is said to have dropped. Musk has come under intense scrutiny for his actions at Twitter, including eliminating hundreds of jobs, negotiating with advertisers, and revising the company’s account verification guidelines.
The majority of Musk’s fortune is invested in Tesla shares, which fell in value by 65% last year and further decreased following Musk’s acquisition of Twitter.
In case you were wondering, Bernard Arnault, a French businessman, has surpassed Elon Musk as the richest person in the world. According to Forbes’ real-time billionaires’ list, his estimated net worth is close to €205 billion (189 billion). He founded the luxury goods firm LVMH if the name doesn’t ring a bell.
Although he suffered setbacks, Musk is not to be pitied. With Tesla continuing to be the most valued automobile manufacturer in the world, the billionaire is currently the second richest person.
More in Entertainment
Why Every Business Owner Needs To Hire An Investment Banker?
If you run a business, no matter how small or big, you already know that managing your financing is a tough...February 14, 2023
The Ascent Of CBDCS
Money and payment methods have undergone ongoing change throughout human history. Avatars of money and payment systems have ranged from a...February 4, 2023
You Won’t Believe How Much John Legend is Actually Worth!
John Legend has a long and impressive list of accolades he has acquired over his career. We are not talking about his many...January 15, 2023
How To Make Money After Retirement
People generally view retirement as a time to trade in the nine-to-five grind for a life of leisure – but nowadays,...January 11, 2023
The outrageous Mel Gibson $9million island in Fiji Island
Mel Gibson bought an island in the Mago Island in the northern Lau Group of Fiji for $9 million in...January 5, 2023
Tired Of Conventional Mortgages? Give Jumbo Loans A Shot
Currently, average Americans are struggling with buying new houses. Part of the problem is that the housing market is soaring; that...December 29, 2022
Western Union Has Initiated Digital Banking In Romania
There are a lot of things that have become easier because of the digital revolution. From grocery shopping to attending college,...December 25, 2022
Things To Consider Before Investing With Family And Friends
When attempting to launch a new enterprise, money from friends and family is frequently the first source of capital sought. Friends...December 19, 2022
Ye Is Losing All Of His Platforms
Kanye West, now called ‘Ye,’ is not one to shy away from controversies. Fans were shocked to see the downfall of...December 6, 2022
You must be logged in to post a comment Login