Elon Musk sets Guinness World Record for recording largest loss of personal fortune

Elon Musk has a habit of being in the news headlines. This time, the Twitter CEO has found his place in the Guinness Book of World records but not for a pleasant reason. Musk has recorded the largest loss of personal fortune in history, breaking the previous record set by Japanese tech investor Masayoshi Son in 2000. As estimated by Forbes, the Tesla chief has lost about $182 billion since November 2021 which was largely affected by the poor performance of Tesla’s stock. His net worth plummeted from a peak of $320 billion in 2021 to $138 billion as of January 2023. Owing to the fall, Musk lost his place of being the world’s richest person. Currently, Bernard Arnault, founder of luxury goods conglomerate Louis Vuitton Moët Hennessy (LVMH) is sitting in that position. The French businessman has an approximate net worth of $190 billion. Elon Musk’s wealth is mostly dependent on Tesla stock, the value of which dropped by 65 percent in 2022. Following Musk’s acquisition of Twitter in October for nearly $44 billion, the scenario deteriorated. The turbulent takeover and Musk’s controversial online behaviour led to the greatest Tesla stock sell-off since the business went public in 2010. In an effort to raise money for his purchase of Twitter, Musk sold $7 billion worth of Tesla stock, followed by another $4 billion in November, as reported by The Hills. He sold an additional $3.58 billion of stock in the last month, increasing his overall sell-off to more than $23 billion since April. Compared to the net worth of someone with an average income, the net worth of billionaires is significantly more unpredictable as well as unstable. This is due to the fact that the majority of a billionaire’s fortune often consists of stocks and other investments. The visible wealth of their owner changes together with the market value of these investments. Self-made billionaires like Musk or former record holder Masayoshi Son typically obtain almost all of their income from the market value of their companies and thus, this kind of situation is not unexpected but rather unfortunate. However, Musk is still the second-richest person on the globe. Even after the alarming decline in its stocks, Tesla is holding on to its reputation and remains the world’s most valuable car company, with a market cap of over $100 billion, surpassing their closest rival Toyota. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.