[ad_1]
“Elon Musk has officially broken the world record for the largest loss of personal fortune in history,’ says Guinness World Records. Much of Musk’s personal fortune tied to Tesla stocks.
Elon Musk purchased Twitter for USD 44 billion last year, making him the world’s richest person at the time.
However, following his Twitter takeover and subsequent tumultuous actions, the business tycoon’s wealth dropped by a whopping USD 200 billion, making him the first person in history to lose such a massive amount.
And now, Elon Musk is making headlines again after Guinness World Records recognised him for breaking the world record for losing the most money in history.
According to a press release issued by the organisation, “Elon Musk has officially broken the world record for the largest loss of personal fortune in history.”
Elon Musk sets a new world record
According to a press release from Guinness World Records, the previous record held by Japanese tech investor Masayoshi Son, who had lost USD 56 billion.
“Although the exact figure is difficult to ascertain, Musk’s total losses far exceed the previous record of $58.6 billion set by Japanese tech investor Masayoshi Son in 2000,” said the press release.
Plummeting Tesla stocks
Much of Musk’s personal fortune tied to Tesla stocks. The entrepreneur was one of the early investors in the company and eventually went on to hold the largest shares in the automobile company.
The electric car brand was founded as Tesla Motors in July 2003 by Martin Eberhard and Marc Tarpenning. In 2004, Musk became the largest shareholder of the company by investing a gigantic amount of USD 6.5 million.
He then assumed his role as the CEO and product architect of the company in 2008.
It is no secret that Musk sold large chunks of his Tesla shares in 2022, at first, to buy Twitter, and then perhaps to cope with the losses of his brand-new acquisition.
Musk sold Tesla shares worth a combined value of USD 15.4 billion in April and August 2022. At the time, he said that there were no ‘further sales planned’.
However, in November 2022, Musk sold another 19.5 million Tesla shares worth about USD 4 billion. “Billionaire entrepreneur and Twitter’s new owner Elon Musk sells 19.5 million Tesla shares, an SEC filing shows,” a tweet by Reuters said at the time.
Leave a Reply