Elon Musk breaks Guinness World Record, Here’s the unwelcome reason behind it

Elon Musk’s
unwelcome record 

Tesla and SpaceX CEO Elon Musk made headlines for breaking the Guinness World Record for losing the most money in history

Musk breaks SoftBank’s
Masayoshi Son’s record

Elon Musk’s losses crossed Softbank CEO Masayoshi Son’s losses worth $58.6 billion in 2000

How much did
Elon Musk lose? 

The Twitter owner lost anywhere between $182 billion-$200 billion since November 2021. His net worth went down from a whopping $320 billion in 2021 to $138 billion as of January 2023, as per Forbes

Factors behind loss of
Elon Musk’s net worth 

The massive slide in Elon Musk’s personal fortune can be attributed to a slide in the Tesla stock, whose value went down around 65 per cent in 2022

The $44 billion
Twitter deal 

The erosion of Elon Musk’s net worth accelerated when he bought Twitter for $44 bn in October 2022, leading to the biggest Tesla stock sell-off since 2010

Tesla sales fail to impress

Tesla logged sales of 1.3 million vehicles in 2022. This was short of Elon Musk’s own pledge to grow the company’s sales by 50% nearly every year

Tesla struggles to
perform in China 

The US-based carmaker delivered 55,796 China-made EVs in December, a drop of 44 per cent from November. The decline was reported as Tesla reduced output and slashed prices to tackle rising inventory

What Elon Musk
said on Tesla

After the market closed for 2022 on December 30, Elon Musk tweeted, “Long-term fundamentals are extremely strong. Short-term market madness is unpredictable.”

Musk loses out to LVMH
founder Bernard Arnault

Massive loss in Elon Musk’s personal wealth saw him lose out to Bernard Arnault, the founder of luxury fashion conglomerate LVMH. Arnault has a net worth of $204 bn, as of Jan 12 as per Forbes

Guinness World
Records blog on Elon
Musk’s net worth

The Guinness World Records said in its blog, “And don’t worry, even though Musk has lost more money than any human in history, he won’t be going hungry anytime soon– he’s still the world’s second richest person.”

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