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
How Rihanna Created Her Extraordinary Fortune
Rihanna, whose full name is Robyn Rihanna Fenty, has made her money through various avenues, including her successful music career, fashion...May 3, 2023
24K Bling! When Bruno Mars Gifted $55,000 Gold Watches to Band Members
Celebrities are often accompanied by bodyguards, who are usually and accidentally snapped by paparazzi along with their big bosses. The same...April 26, 2023
The Effects of Rising Inflation
Inflation is a phenomenon that describes a general increase in the prices of goods and services in an economy. It occurs...April 21, 2023
Big-Name Celebrities Who “Actively” Endorse Crypto
The emergence of cryptocurrency has increased exponentially in the past few years and with it, more people from all aspects of...April 11, 2023
The Best Questions to Ask After a Job Interview
However confident you may be about your experience and your expertise, job interviews can be quite intimidating. While trying to make...April 9, 2023
Highest Paying Jobs in Today’s Market
When selecting a career path, earning potential is a crucial factor to consider. Various high-paying careers are available in various industries,...April 8, 2023
How China Is Tackling Massive Population Growth
China is facing a critical challenge as it looks ahead to 2040: how to take care of its growing population. China’s...April 1, 2023
A Look Back At The ‘Jeopardizing’ Career Of Elizabeth Holmes
Elizabeth Holmes was once a young and ambitious entrepreneur. At the age of 19, she founded ‘Theranos:’ A healthcare technology company...March 27, 2023
Want To Make Sure You Get The Job? Here’s What To Do!
As the job market continues to become increasingly competitive, it is essential to ensure that you stand out from among the...March 20, 2023