The record for the largest-ever personal wealth loss has been broken by Elon Musk.
According to Guinness World Records, the chief executive of Tesla and Twitter saw a decline in wealth of about £165 billion ($182 billion) since November 2021.
Guinness sources claim that it may potentially be closer to £170 billion ($200 billion), according to figures from Forbes.
Following Musk’s purchase of Twitter last year, shares in his electric vehicle company Tesla fell sharply.
The precise amount of Musk’s losses are “nearly difficult to verify,” according to a Guinness World Records investigation.
Bernard Arnault, chairman and CEO of premium companies Mot, Hennessy, and Louis Vuitton, surpassed Musk on the global billionaire list.
Forbes lists Arnault’s net worth at $203.7 billion (£168 billion), whereas Musk is ranked second with an estimated net worth of $146.5 billion (£121 billion).
Since taking over as CEO of Amazon from Jeff Bezos in September 2021, Musk has held the title of the richest man in the world.
The predicted loss is based on the value of his shares, which can increase in value again, increasing Musk’s net worth.
Tesla stock will be worth more than half in 2022, partly due to a sell-off that increased after Musk’s contentious $44 billion (£35.5 billion) acquisition of Twitter. To pay for the deal, he sold $4 billion (£3.2 billion) worth of Tesla stock.
but raised objections by letting go of a huge number of employees and altering content control guidelines.
Numerous Tesla investors think he has been “asleep at the wheel” and should be concentrating on the electric vehicle manufacturer as it deals with declining demand, escalating competition, and manufacturing issues related to Covid.
The survey notes that compared to ordinary income, billionaires’ net worth is “far more volatile and unpredictable.”
This is so because the majority of a billionaire’s wealth often consists of stocks and other investments. The apparent wealth of their owner fluctuates together with the market value of these investments.
As Musk moves forward with building his own tech empire, the statement said, “We won’t be surprised to see Elon Musk bounce back too at some point in the future.”