Elon Musk breaks the world record for drop in fortunes

Elon Musk broke the record for the greatest personal fortune loss in history.

Guinness World Records stated that he lost $165 billion between November 2021 and December 2022.

These figures were based on Forbes data, but Guinness stated that other sources suggest Mr Musk could have suffered greater losses.

This is due to a decline in the value of Tesla shares, Musk’s electric car company.

Investors are concerned that Musk has not given Tesla enough attention with his $44bn (£36bn), takeover of the social media giant.

Musk’s losses from November 2021 to Mr. Musk surpasses the $58.6bn (£47bn) record set by Masayoshi Son, a Japanese tech investor in 2000.

Based on his shares’ value, the estimated loss could be recouped, meaning that Mr Musk’s wealth will increase again.

The Tesla boss was displaced by Bernard Arnault (chief executive of French luxury goods firm LVMH), who owns the fashion label Louis Vuitton.

Tesla’s performance was partly responsible for the drop in Tesla shares’ value by 65% in 2022. Wall Street was disappointed that the firm only delivered 1.3 million vehicles in 2018.

The reason for the majority of the slump in shares is due to Musk’s takeover at Twitter. He has caused controversy by firing large numbers and changing content moderation policies.

Many Tesla investors feel he should be focusing his attention on Tesla because it is facing declining demand amid recession fears, rising competition, and Covid-linked production difficulties.

“Long-term fundamentals at Tesla are very strong. Musk tweeted “Short-term market madness can be unpredictable” after December 2022 was closed to stock markets.

Forbes estimates that Mr Musk’s current worth is $178bn (£152bn), while Bernard Arnault’s value is $188bn, (£155bn).