Devɑstating News – Elon Musk sets Guinness World Record for losing $182,000,000,000..

Devɑstating News – Elon Musk sets Guinness World Record for losing $182,000,000,000 of personal wealth.

Tesla and SpaceX CEO Elon Musk has set a new Guinness World Record for personal wealth loss. The living businessman lost about 180 billion dollars as of November 2021, according to the publication. According to Guinness World Records, the fortune is an approximate figure, but Musk’s total losses far exceed the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000.

According to Forbes magazine, Elon Musk’s net worth fell from a peak of $320 billion in 2021 to $138 billion in January 2023 due to the weak performance of Tesla stock.

Moreover, Musk’s misfortunes also caused him to lose his status as the world’s richest person to Bernard Arnault (France), the founder of luxury goods conglomerate LVMH (Louis Vuitton Moet Hennessy), who has a net worth of $190 billion.

Although Musk has lost more money than anyone in history, he is still the second richest person in the world.

Tesla shares have been in freefall for the past three months largely due to Musk’s takeover of Twitter and related distractions.

Musk has been distracted by his takeover of Twitter, a transaction that weighed on the stock amid speculation that he might sell more Tesla stock to keep the money-losing social media company afloat and divert its attention away from the automaker. .

Shares of the electric vehicle maker ended 2022 with a 65% loss.

Tesla faces mounting challenges, including rising costs, competitive threats and the risk that the recession will slow demand. The company also faces a growing threat of competition from major automakers, which are expected to flood the market with a slew of new electric vehicles over the next few years.

Despite the decline in prosperity, Tesla remains the world’s most valuable car company, with a market capitalization more than $100 billion higher than its closest competitors, Toyota Motor Corp, General Motors Co., Stellantis NV and Ford Motor Co. together.

In the case of Masayoshi Son, whose net worth fell from a peak of $78 billion in February 2000 to $19.4 billion in July of that year, the value of his tech conglomerate, Softbank, was wiped out by the dot-com crɑsh.

In 2000, the situation at Softbank was so volatile that Son’s net worth was sometimes up to $5 billion a day.

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