Tesla and SpaceX CEO Elon Musk has created a new Guinness World Record for losing personal wealth . According to the publication, Elon Musk has suffered a loss of about $ 180 billion since November 2021. According to Guinness World Records, the wealth is an estimated figure, but Musk's total losses surpass the previous record of $58.6 billion, which was set by Japanese tech investor Masayoshi Son in 2000 . According to Forbes magazine, Elon Musk's net worth has fallen from a peak of $320 billion in 2021 to $138 billion by January 2023 due to the poor performance of Tesla's shares.
Why did Elon Musk's wealth decrease?
Musk has slipped from the world's richest businessman to the second position, in his place French businessman Bernard Arnault has become the world's richest businessman, whose total net worth is $ 190 billion. Even though Musk has lost more money than any other person in history, he is still the second richest person in the world. Due to Musk's Twitter acquisitions and related distractions, there has been a big drop in Tesla's shares. At the same time, it has been feared that Elon Musk may sell Tesla shares to save the social media company. The effect of which has also been seen in the shares of the company.
Why are Tesla shares falling?
The stock of the electric vehicle maker closed in 2022 with a loss of 65 per cent. Tesla faces mounting challenges, including rising costs, competitive threats and the risk that demand will decline in the event of a recession. The company is also facing increasing competitive threat from major automakers who are all set to flood the market with new EVs in the next few years. Tesla is the world's most valuable car company, with a market cap of more than $100 billion combined for its closest rivals, Toyota Motor Corp., General Motors Co., Stellantis NV, and Ford Motor Co.
Who is Masayoshi Son, whose record was broken?
Talking about Masayoshi Son, in February 2000, his net worth was at the top with $78 billion. In the same year July i.e. in 6 months, his net worth went to $ 19.4 billion. SoftBank's position was so volatile in 2000 that Son's net worth sometimes rose by as much as $5 billion in a single day.
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