Elon Musk begins the year 2023 by breaking into the Guinness World Records. The Tesla owner has achieved a world record that he would have preferred never to achieve: the “greatest loss of personal fortune in history”.
After the plummeting of Tesla’s shares and the unprecedented crisis that Twitter – a social network owned by him since last October – is experiencing, it could be said that the billionaire is not going through his best moment. At least when it comes to your financial health. Musk’s financial year has ended in a terrible way: Not only has he had to sell much of his Tesla stock for Twitter to survive, but his car company, the jewel of his empire, has lost nearly half its value in the last months.
Along with the title of richest person, he has been awarded the one with the most lost money
Along with the title of richest person on the planet, Musk has been awarded the most lost money
JIM WATSON/AFP
Despite continuing to own SpaceX, Tesla and one of the most popular social networks on the market, the prospects are not rosy for Musk from a financial point of view. According to data from Forbes, his fortune was reduced by 183,000 million dollars. Bloomberg calculates that the loss would be close to 200,000 million dollars. The same publication ventures to point out that Elon Musk will never be the richest person in the world again.
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The Guinness World Records organization did not want to miss the opportunity and just a few days ago issued a press release confirming that the CEO of Tesla has broken a disastrous record in 2022: the largest loss of fortune in a calendar year. Before the tycoon, this record was held by Masayoshi Son, founder of Softbank, which lost a total of 58.6 billion dollars.
Tesla shares have suffered a drop of about 60% since last year
After years of non-stop generating delirious amounts of money, Musk’s fortune peaked when it reached 340,000 million dollars in November 2021. A good part of this figure comes from the shares of the Tesla company, which have suffered since last year. an unprecedented collapse, specifically a drop of about 60%. Everything got worse with the purchase of Twitter, which after months of legal battle due to a lack of agreement with the old board of directors, materialized last October.
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Since then, the successive layoffs and technical problems have not stopped happening, to which is now added a new problem: visits to the Twitter ad manager decreased 74% in October and 85% in November, according to the Wall Street Journal.
It is clear that this is the worst financial and business moment that Musk has ever faced.
GIVEN RUVIC / Reuters
Despite the terrible current situation, the tycoon always seems to have an ace up his sleeve that allows him to rise from his ashes. It is evident that this is the worst financial and business moment that Musk has ever had to face, but it must not be forgotten that the executive continues to be the second richest person in the world.
The top spot was taken by Bernard Arnault, CEO of French luxury brand LVMH, maker of Louis Vuitton items and Hennessy cognac. The Tesla owner wasn’t the only billionaire to lose some of his fortune in the past year.
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Jeff Bezos starred in the second biggest fall, with a loss of 80,000 million dollars. Nor has it been exactly a good year for Mark Zuckerberg. The CEO of Meta, the parent company of Facebook, lost a total of 78,000 million dollars, also surpassing the record of Masayoshi Son.
