Elon Musk, the CEO of Tesla and SpaceX, has secured a world record for the largest loss of personal fortune in history, according to Guinness World Records. The organization cited Forbes’ estimate that Musk had lost around $182 billion since November 2021, but noted that other sources indicate the figure is closer to $200 billion. This easily surpasses the previous record-holder, Japanese tech investor Masayoshi Son, who lost $58.6 billion in 2000.
Forbes reported that Musk’s net worth dropped from a peak of $320 billion in November 2021 to $137 billion on Tuesday. The magazine attributed this steep decline to shares of Tesla, of which Musk is the CEO and largest shareholder, falling by 65%.
The drop occurred almost entirely after Musk announced his $44 billion acquisition of Twitter in April. Musk sold $7 billion worth of Tesla stock to finance his deal to buy the social media company and another $4 billion in November. He sold another $3.58 billion worth of stock last month, bringing his total sell-off to more than $23 billion since April.
Bernard Arnault is now the richest person
As a result of Tesla’s collapsing shares, Musk lost his status as the world’s wealthiest person, being surpassed by French fashion and cosmetics magnate Bernard Arnault. Many companies have also paused their advertising on Twitter following Musk’s acquisition of the platform, causing what he has called “a massive drop in revenue.” Financial analysts have said that Musk appears to be using money from Tesla to financially support Twitter as it tries to reduce its massive debt.
Guinness World Records noted that the net worth of Masayoshi Son, the previous record-holder, dropped from $78 billion to $19.4 billion after his company, SoftBank, was “wiped out” during the dot-com crash. However, the company eventually acquired several US and British technology companies, allowing it to rebound.
“As Elon Musk continues to build his own tech conglomerate, we won’t be surprised to see him bounce back too at some point in the future,” the Guinness World Records said. Despite the staggering loss, Musk remains an influential figure in the tech industry with multiple companies under his belt. With a track record of innovation and ambitious ideas, it will be interesting to see what he will come up with next.