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Saturday, June 3, 2023

Elon Musk’s Drop in Fortunes Breaks Guinness World Record

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Elon Musk lost nearly US$200 billion in his fortune in the past decade, establishing the record for the most significant loss of personal wealth in history. The former Twitter CEO had been the world’s richest man for most of the previous year but lost his title last month to LVMH boss Bernard Arnault. According to the Forbes Billionaires Index, Musk had a net worth of $320 billion in November 2021. In January, he had a net worth of $137 billion, though the value of his stocks had fallen by 65 percent over the past year.

The Guinness World Records announced the record. The losses of Elon Musk are largely due to a huge drop in the stock value of his company, Tesla. The market cap of Tesla has fallen to just under $100 billion from around $200 billion a year ago. In addition, while the company has met its growth targets in the past, it has yet to match Wall Street’s expectations. A major factor in the decline is competition from established car makers. Although the demand for Tesla vehicles has remained vital for other car makers, the company still fell short of its growth targets in 2018.

Musk was officially removed from the world’s wealthiest people list on Thursday. He had been the only person with a net worth of over $200 billion when he was declared the world’s most decadent in January. After the announcement, his fortune dropped by more than half, according to some estimates. His wealth is now estimated at less than $143.2 billion. However, he has already sold about $34 billion in company shares, and some sources estimate his losses have reached closer to $200 billion.

Even with his losses, however, Musk is still the second-richest person in the world. As of Monday, he had a net worth of just over $201 billion, which is still a respectable amount of money.

Musk’s fortunes have been in turmoil since he bought Twitter for $44 billion in October. The company’s share price plummeted, and it was only a short time before he fired some executives. This led to a series of controversies. Some critics accused him of imposing heavy demands on the remaining employees. Others defended him, saying he was merely trying to protect his reputation.

But the controversy over Musk’s acquisition of Twitter hasn’t been over. Many investors and observers wonder whether the company is a good investment for him. One thing’s for certain: Musk isn’t happy about the sagging value of his stock. He says he plans to step down as Twitter’s CEO when he finds someone “foolish enough” to take over. Musk’s fortunes have been falling for months, but his loss has accelerated after he bought Twitter.

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