Elon Musk: Largest Loss of Personal Fortune in History

Bernard Arnault replaced Elon Musk as the richest man on the planet.
Elon Musk: Largest Loss of Personal Fortune in History

LONDON: The Guinness World Records have announced that Elon Musk has made the world record for the largest loss of personal fortune in recorded history. The announcement came on last Friday.

The organisation quoted an estimate by Forbes which mentioned that Elon Musk lost approximately $182 billion, actual figures might actually be higher. This decline has been since the month of November 2021. Although the exact figure is not known, it easily surpasses the previous record of $58.6 billion set by Masayoshi Son, a Japanese Tech Investor, in 2000.

According to another report, the new worth of the once richest man on the planet dropped from $320 billion in November 2021 to around $137 in January 2023. This decrease of about 58% has been mainly due to the poor performance of Tesla's stocks in the markets.

Bernard Arnault the Frenchman who founded the Louis Vuitton Moet Hennessy conglomerate replaced Elon Musk as the richest man on the planet. He controls an estimated net worth of $ 190 billion.

Economists also claimed that the declining curve became steeper after the billionaire bought the microblogging website for about $44 billion. Called by many one of the worst deals made by the businessman, it caused heavy losses to both his personal finances as well as the company valuation. His policy changes with the brand as well as the sacking of many employees have led to the loss of the company's value as well as the public image.

But unlike the previous holder of the same record who had had all his money put into only one business and the crash of the dot.com businesses led to the wiping out of his fortunes, Elon Musk has his money invested in several different sectors. SpaceX, the private space exploration and research organisation for example hardly have anything to do with Twitter or Tesla and vice versa. According to experts, this gives Elon Musk the opportunity to bounce back to the top position at any time in future.

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Sentinel Assam
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