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.
Bottom line
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 50-Year-Olds Are Looking for a Career Change
In today’s fast-paced and ever-evolving job market, it’s not uncommon to see individuals in their 50s embarking on new career paths....
November 20, 2023 -
`
Why Mortgage Demand Is Crashing as Interest Rates Skyrocket
Imagine having a favorite local ice cream shop that suddenly jacked up its prices by 50%. You would probably think twice...
November 18, 2023 -
`
Santo Spirits | Sammy Hagar and Guy Fieri’s Joint Venture
In the world of entrepreneurial partnerships, some unions are destined for greatness. The unexpected alliance between Sammy Hagar, the iconic Van...
November 12, 2023 -
`
Branded Content: A Genuine Way to Connect With Your Audience
Have you ever binge-watched a series on Netflix, only to later realize that the beverage everyone’s sipping on is that brand...
November 3, 2023 -
`
Southwest Airlines Tackles Passenger and Labor Challenges
Southwest Airlines, a prominent player in the aviation industry, has found itself at a crossroads, facing a combination of passenger dissatisfaction...
October 28, 2023 -
`
Everything You Need to Know About Blended Interest Rates
Hou ever blended a smoothie and thought, “How on Earth do my strawberries, spinach, and protein powder come together to taste...
October 17, 2023 -
`
The Osbournes ‘Relaunch’ Podcast After 5 Year Break
If you were glued to your TV in the early 2000s, there is no way you missed the hilarious, raucous, and...
October 10, 2023 -
`
Tesla in China: Back-to-Back Price Drops, But No Sales Jump?
As temperatures soared in the summer of 2023, Tesla seemed to be heating things up in the Chinese market too. A...
October 6, 2023 -
`
Navigating Red Flags in the Workplace
In the journey of our careers, it’s not uncommon to encounter red flags in our jobs that signal potential issues or...
September 30, 2023
You must be logged in to post a comment Login