BERLIN, GERMANY DECEMBER 01: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany. (Photo by Britta Pedersen-Pool/Getty Images)
Elon Musk has made it into the Guinness Book of World Records again – this time, he probably doesn’t want the award.
According to the record keeper, Musk has lost the largest financial fortune in recorded human history.
Forbes estimated recently that Musk had lost $182 billion since November 2021. Other sources have put the net loss closer to $200 billion.
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As a result, Musk is no longer the wealthiest man in the world. That title now belongs to French fashion and cosmetics financier Bernard Arnault.
Japanese tech investor Masayoshi Son previously held the record for the largest personal wealth loss. Son reportedly lost around $58.6 billion in 2000 as a lead investor in SoftBank during the 2000 dot-com bust.
Musk’s fortunes have been torpedoed by his $44 billion acquisition of Twitter and the subsequent drop in Tesla shares.
Tesla’s net worth has dropped by 65% since he purchased Twitter. Musk has had to sell off shares of his electric car manufacturer to leverage his Twitter purchase. As of Monday, shares of the stock are trading around $120 – less than a year and a half after selling for $409.97. Prominent investors have called for Musk to step down as CEO of the company.
Twitter’s finances could be doing better, too. The social media company’s revenue has reportedly withered from $5 billion to just $1 billion since Musk took over.
Musk has been attempting to cut the company’s spending since taking over.
He has laid off employees, reportedly ceased paying a portion of Twitter’s rent and even shirked responsibility to buy toilet paper for his offices, according to some Twitter employees.
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