Elon Musk sets Guinness World Record for losing personal wealth
The Tesla and SpaceX CEO Elon Musk has been making headlines since he bought Twitter for $44 billion last year. However, the billionaire entrepreneur has now set a new Guinness World Record albeit for losing personal wealth.
According to the Guinness World Record, the business tycoon has lost around $182 billion since November 2021. The publication stated that Musk’s total losses far surpass the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000.
“Although the exact figure is almost impossible to ascertain, Musk’s total losses far surpass the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000,” the world’s record keeper wrote in its blog post.
Musk’s net worth reportedly dropped from $320 billion in November 2021 to $137 billion as of January 2023, largely due to the poor performance of Tesla’s stock. Furthermore, the entrepreneur also lost his status as the world’s richest person to Bernard Arnault, founder of luxury goods conglomerate LVMH (Louis Vuitton Moët Hennessy), who has an estimated net worth of $190 billion.
The Guinness World Record, however, said the net worth of billionaires is much more volatile and variable than the net worth of someone who earns an average income. This is because the bulk of a billionaire’s fortune typically takes the form of shares and investments. If their company’s share price tumbles, so does their net worth.
“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 blog post read.
