Elon Musk’s net worth drop breaks the world record as the biggest in history

Elon Musk’s name is set to appear in the history books once again – but this time for breaking the Guinness World Record for losing the most wealth, ever.

On Friday the record authority said that the Tesla The co-founder suffered the largest loss of personal fortune in history, at an estimated $182 billion as of November 2021.

Guinness World Records said the exact number was “almost impossible to determine” because the calculation was based on a Forbes estimate. This adds to other sources – which Musk is highly valued – suggesting that he could lose close to $ 200 billion.

the Twitter The owner and chief executive took over the unfortunate title from Japanese tech investor Masayoshi Son, who set the previous record loss of $58.6 billion in 2000.

The revelation also saw Musk shed his status as the world’s richest man, handing the baton to Bernard Arnault, the founder of luxury multi-national LVMH (Louis Vuitton Moët Hennessy). Arnault has an estimated net worth of $190 billion.

It comes after a tumultuous year for both of Musk’s headline businesses.

Tesla sees a record 65% drop in its stock price in 2022 — including a major selloff in December that pushed shares down more than 36%.

But despite concerns over rising costs, competitive threats, and the risk that a recession could slow demand, the electric car company still has stock-market value of nearly $389 billion, courtesy of its meteoric rise in 2020 and 2021.

This month too Getting off to a bumpy start after Musk slashed the prices of two flagship model lines in China in the desire to compete with the opponent BYD. Mobs of angry Tesla customers have reportedly shown up at several Tesla showrooms across the country demanding some form of compensation for buying a new car at an older, higher price.

Sick of twitter

In November, Bloomberg reported that Musk sold another $3.95 billion in Tesla shares to fund his purchase of Twitter — despite promising not to do so. This took his total sales of the company’s shares to $36 billion a year.

Musk also openly talked about Twitter as a “drained” his life savings after his acquisition of the social media firm in October.

After his followers asked if he should step down as chief executive – to which the majority voted ‘yes’ – Musk replied to a volunteer for the top post: “One catch: you have to invest your Twitter’s life savings and there it is. the fast lane to bankruptcy since May. You still want the job?”

In November, Volkswagen participated Pfizer and General Mills in a exit advertising from the platform as it monitors how Twitter evolves.

Kelsey Roemhildt, a spokeswoman for General Mills, said: “As always, we will continue to monitor this new direction and evaluate our marketing spend.”

Learn how to navigate and build trust in your business with The Trust Factor, a weekly newsletter that explores what leaders need to succeed. Sign up here.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *