Tesla CEO, Elon Musk, is now officially recognized by the Guinness Book of Records as the first person ever to break the world record for the biggest loss of personal fortune in history.
The Guinness book noted that Musk has lost over $182 billion (£153 billion; €173 billion) according to Forbes since November 2021.
According to the publication, Musk has suffered losses totalling far more than $58.6 billion, which was the previous record set by the Japanese tech billionaire Masayoshi Son in 2000.
According to Forbes, Musk’s net worth decreased from its height of $320 billion in 2021 to $138 billion as of January 2023, mainly due to the underperformance of Tesla shares.
Musk’s financial troubles cost him the title of the world’s richest person, which is now held by Bernard Arnault (France), founder of the luxury goods company LVMH (Louis Vuitton Mot Hennessy), who is estimated to have a net worth of $190 billion (£156 billion; €177 billion).
The majority of Elon Musk’s assets are held in Tesla stock, whose value has fallen by 65% since 2022. When Musk purchased Twitter for $44 billion (£37 billion; €42 billion) in October, this unsettling decline got worse. Additionally, the messy takeover and Musk’s contentious behaviour on the platform led to the biggest Tesla stock sell-off since the company went public in 2010.
With a market capitalization of $100 billion higher than Toyota, Tesla is still the most valuable automaker in the world despite the decline in earnings.