Guinness claims that Elon Musk broke the record for the world’s worst loss of fortune


Guinness World Records said that the dramatic drop in Elon Musk’s net worth, which saw him lose his title as the world’s richest man, was “the greatest loss in history.”

Guinness, citing Forbes data said that Musk lost $182 billion between November 2021, and the beginning of this month. The Bloomberg Billionaires Index data shows that Musk lost about $200 billion over the same period.

Guinness stated that this is a record loss. blog postThe previous record was set in 2000 during the tech stock market crash. SoftBank CEO Masayoshi Son, a Japanese billionaire, lost $58.6 million. (That would have been about $100 billionAccounting for inflation is a common practice today.

Musk’s loss is part of its fallout $44 billion to buy TwitterWhere he has been layoffs of thousands of workersWhile delving into the thorny politics. Tesla investorsMusk, the CEO of Tesla, has expressed concern about his inability to fix the Twitter problem that plagues Tesla. Tesla stock has lost 39% of its value since December 1st. accordingBloomberg News.

It is difficult to measure the net worth of an individual at a given time. Entrepreneurs whose net worth is linked to the stock’s value can experience dramatic fluctuations in a short time frame due to market conditions or government policies. Musk in the past I lost large sums of moneyBefore he recovered and regrew his net worth.

This crisis is Musk’s fault. Musk sold large amounts his Tesla stock to purchase Twitter at a higher cost, just as the automaker is in distress. Increased competitionThe electric vehicle market is booming deficiencyChips and raw materials production delaysDeadlines are missed. Musk stated that he would be there. Sleeping in the Twitter office in San Francisco“Until the foundation can be reformed.”

Musk’s frustrations remained Shareholder lawsuitsTesla, including a case from 2018 Delaware is home to a number of businesses. The wage package he received was exaggeratedIt claims that Tesla’s board members failed to act independently when it approved it.

The battle to oust Tesla heats up just as Musk is distracted by Twitter

Send it to me Bloomberg NewsMusk’s aerospace company SpaceX, a manufacturing company that makes aerospace, accounts for more then 37 percent of his net wealth, while Tesla shares publicly traded accounts for 33 percent. The rest is made up of posts on Twitter and boring companyMusk’s company created the tunnels to ease traffic congestion in cities.

Musk’s recent decline in net worth is largely due. Tesla stock price drop. Musk has repeatedly attributed these trends to macroeconomic trends, including historically the Federal Reserve. Interest rates will rise in 2022.

Last month, Ross Gerber, a Tesla investor and Twitter participant, exchanged information about Tesla valueMusk tweeted, “As interest rates on the savings bank account, which are secured, begin to approximate stock market returns, which are *unsecured*, people will increasingly move their money from stocks to cash, causing stocks to drop.”

Musk seemed to tacitly acknowledge investor concerns about his investment in Twitter, but he also acknowledged that it could have a negative impact on the value of his other ventures. Musk tweeted in December that he would make sure Tesla shareholders get the best from Twitter long-term. He did not provide details.

Bernard Arnault (CEO and chairman of French retail giant LVMH) took Musk’s place as the world’s wealthiest person. As of Thursday, Arnault’s net wealth was $17 million $182 billionAccording to the Bloomberg Billionaires Index. To me ForbesMusk’s net worth is $16.5 billion. Arno and his family have a net value of $204 billion.

Combined, these tech moguls lost $433 billion this year

Personal declines in wealth aren’t unusual at the highest levels of business, particularly in tech — though the scale of Musk’s loss is staggering. Guinness points out that Son, who was close to losing Musk’s personal fortune, would see his net worth increase “by as much $5 billion per day” during 2000’s internet crash. Son is not yet at the top of the list today. The world’s wealthiest people: Forbes ranked him 74thHe is on the 2022 billionaires list. 139th place on the Bloomberg Billionaires Index.

Musk’s fortunes might soar. Guinness says that Tesla, despite the crash in prosperity, is still the most valuable auto company worldwide, with a market capization of more than $100 Billion higher than Toyota.

In Note to investorsGoldman Sachs analyst Mark Delaney stated in December that he still believed the “great values” of the Tesla brand, though he acknowledged that it has “become morepolarizing since Musk bought Twitter. To recover its value, he suggested that Tesla should have a “consumer-focused” approach to its return to core sustainability and technology attributes. Also, tweet less.

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