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Elon Musk has formally damaged the world document for the largest loss of personal fortune in history according to the Guinness World Records.
Musk kicked off the year by becoming the first person in history to lose approximately $2 billion.
The previous record for the largest loss of personal wealth was held by Japanese tech investor Masayoshi Son who lost $58.6 billion in 2000.
According to Forbes, Musk’s net worth dropped from a peak of $320 billion in 2021 to $138 billion as of January 2023, largely due to the poor performance of his electric car company, Tesla’s stock.
‘Long-term fundamentals are extremely strong. Short-term market madness is unpredictable,’ Musk tweeted after the market closed for the year on 30 December 2022.
Towards the end of 2022 he lost his title of the world’s richest person to fashion titan Bernard Arnault, according to Forbes’ real-time wealth tracker.
Before you start feeling too sorry for him, the Tesla, SpaceX and Twitter boss is still worth around $140 billion.
Things seemed to take a turn for the worse this year after he bought Twitter for $44 billion (£34.5 billion).
Just this year, Musk sold nearly $40 billion worth of Tesla shares, leaving investors unhappy.
Many Tesla investors are worried that his preoccupation with Twitter has interrupted his focus on managing the EV company.
Musk made his debut on the Forbes list of billionaires in 2012 with an estimated net worth of $2 billion.
Presently, SpaceX is his most respected firm by which he has a $44.8 billion stake.
In the meantime, Tesla is providing American patrons a $7,500 low cost on a few of its fashions, and the corporate is reportedly lowering manufacturing at its Shanghai facility.
The billionaire maintains that Tesla is ‘executing higher than ever’ and blames the Federal Reserve for elevating rates of interest.
Moreover Tesla and Twitter, the place Musk’s administration and tweets are attracting political consideration and blowback, he additionally heads rocket firm SpaceX and Neuralink, a startup creating interfaces to attach the human mind to computer systems.
In November, Musk hinted at the potential for Twitter going bankrupt.
Musk shouldn’t be the one tech billionaire whose fortune is shrinking. Tech moguls misplaced a mixed £344 billion in 2022.
Bezos misplaced $84 billion (£70 billion) and Fb’s Mark Zuckerberg, who’s pushing forward along with his plans to forge the ‘metaverse’ misplaced $81 billion (£67 billion).
MORE : Tesla had document 2022 gross sales – however nonetheless didn’t match Elon Musk’s guarantees
MORE : Elon Musk turns into the primary particular person in historical past to lose $200,000,000,000
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