The entrepreneur suffered the biggest loss of personal wealth since the Dotcom crash of 2000.
Tesla CEO Elon Musk who was once the richest man in the world, broke the Guinness World Record for the largest loss of personal wealth in historyas it has lost 200 billion dollars since 2021 – the publication admitted.
The electric car mogul has lost $182 billion since November 2021, according to Forbes, although other sources estimate its loss at $200 billion. Tesla’s woeful market performance was the primary reason for Musk’s financial misfortune, as the billionaire invested most of his money in the company.
The record was previously held by a Korean-Japanese billionaire technology entrepreneur, Szon Masajosi, whose fortune of around $60 billion was destroyed during the 2000 Dotcom crash.
“And don’t worry, even though Musk has lost more money than any man in history, he’s not going to starve any time soon — he’s still the second-richest person in the world,” the record-tracking organization joked in a in a blog post.
Bernard Arnault, the French founder of the luxury brand powerhouse LVMH, has replaced Musk at the top of the Guinness list as the world’s richest man, boasting a fortune of about $190 billion.
Tesla shares have lost 65% of their value over the past year, with Musk himself contributing to the plunge after he sold Tesla shares to pay for his $44 billion acquisition of Twitter, sparking the company’s biggest selloff since 2010. since going public.
Despite those dire numbers, however, Musk’s public statements suggest he’s optimistic about the car company’s future — even as investors accuse him of being distracted by Twitter. Tesla is “performing better than ever,” he said last month, reassuring investors that “long-term fundamentals are extremely strong” even if “short-term market frenzy is unpredictable.”