Winner, winner: Elon Musk earns world record for largest loss of personal fortune
Jenny Goldsberry
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Twitter CEO Elon Musk has lost his title as the richest person on earth, instead breaking the record for the largest loss of personal fortune.
Musk lost an estimated $182 billion since November 2021, according to Forbes, beating the previous placeholder, Masayoshi Son, who lost $58.6 billion in 2000. When adjusted for inflation, Son’s loss was worth $100 billion today. The outlet also calculated Musk’s net worth dropped to $137 billion as of January 2023 from $320 billion in 2021.
As Tesla CEO, Musk has made his fortune in his company’s stock, the value of which dropped 65% last year. The stock has dropped 39% since Dec. 1, according to Bloomberg News.
ADVERTISERS HESITANT TO RETURN TO TWITTER DUE TO MUSK UNPREDICTABILITY
https://twitter.com/GWR/status/1611337279976665089?s=20&t=jC9ee88bQPsGXwKiLlv59w
Son was also the CEO of a company he founded, SoftBank, when he broke the previous record for lost fortune. There were days in 2000 when Son’s net worth fluctuated by $5 billion, according to Guinness.
Now, CEO and chairman of French luxury retail giant LVMH Bernard Arnault is the world’s richest person with a net worth, as of Thursday, of $182 billion, according to Bloomberg’s billionaires index.
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Tesla sold a record 1.3 million vehicles in 2022 despite its volatile stock value. Sales grew by 47% from the previous year.