Elon Musk breaks world record for largest loss of personal fortune in history

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US entrepreneur Elon Musk has officially broken the world record for the largest loss of personal fortune in history, according to a report from the Guinness World Records.

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Musk, famed businessman who cofounded six companies including car company Tesla and rocket firm Space X, lost approximately $182 billion since November 2021, the report said quoting Forbes magazine.

“Although the exact figure is almost impossible to ascertain, Musk’s total losses far surpass the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000,” Guinness World Records said on its website.

According to Forbes, Musk’s net worth dropped from a peak of $320 billion in 2021 to $138 billion as of January 2023, largely due to the poor performance of Tesla’s stock.

The majority of Musk’s money is tied up in his Tesla stock, the report said, adding that the value of that stock fell 65 percent in 2022.

According to the report the sharp drop in Tesla’s stock value declined after Musk bought social media platform Twitter for around $44 billion.

“The tumultuous takeover, coupled with Musk’s polarizing behavior on the platform, sparked the biggest Tesla stock sell-off since the company went public in 2010,” the report said.

However, Musk, who sparked controversy after laying off a number of staff when he took over Twitter and putting heavy demands including long working hours on remaining employees, is still the world’s second richest person, the report said.

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