Elon Musk’s net worth drop breaks world record – lost around $165bn amid share drops
Elon Musk – once the world’s richest man – has broken the world record for the largest loss of personal fortune in history.
From November 2021 to December 2022 he lost around $165bn, according to Guinness World Records said on its website.
The figures are based on data from Forbes, but Guinness said other sources suggested Mr Musk’s losses could have been higher.
The news comes after a fall in the value of shares in Tesla after he bought Twitter last year.
Musk bought Twitter for $44bn – a business adventure that sparked concerns among investors that Musk is not giving Tesla enough attention.
His personal losses since November 2021 surpass the previous record of $58.6bm suffered by Japanese tech investor Masayoshi Son in 2000.
The estimated loss is based on the value of his shares, which could regain their value.
Musk no longer world’s richest man
In December 2022, Musk lost his title as the world’s richest man to Bernard Arnault, the chief executive of French luxury goods company LVMH, which owns Louis Vuitton.
Tesla shares dropped around 65% in 2022, in part because of Tesla’s performance. The electric car company delivered just 1.3m vehicles in the year, falling short of expectations.
But it’s his takeover of Twitter that is behind most of the share slump. Musk has made some questionable moves since taking over the social media site – including firing large numbers of staff and changing moderation policies.
Tesla investors believe Musk should be focusing on the car company as it faces falling demand amid recession fears, rising competition and production challenges.
“Long-term fundamentals [at Tesla] are extremely strong. Short-term market madness is unpredictable,” Mr Musk tweeted after the stock markets closed for the year in December 2022.
Mr Musk is now worth about $178bn (£152bn), according to Forbes, while Bernard Arnault has an estimated value of $188bn (£155bn).
