LONDON: American billionaire Elon Musk has broken the record for the “largest loss of personal fortune,” after his wealth fell by $165 billion last year, Guinness World Records said.
The figures are based on a report by Forbes magazine, which said Musk’s net worth dropped from a peak of $320 billion in November 2021 to $155 billion in December 2022.
GWR said that although “the exact figure (of Musk’s loss) is almost impossible to ascertain,” some sources suggested the drop could have been even higher, possibly over $200 billion.
The Twitter owner demolished the previous record held by Japanese investor Masayoshi Son, who in 2000 reported a $58.6 billion loss.
Musk’s losses are based on the value of his shares, which could regain their value in the future. The poor performance of Tesla stocks last year played a significant part in the slump.
In December, following a year in which Tesla stocks dropped by 65 percent, the South Africa-born billionaire lost his title as the world’s richest man to Bernard Arnault, the chief executive of French luxury goods company LVMH.
Some investors blame Tesla’s poor performance on Musk’s acquisition of Twitter in October. The $44 billion takeover sparked huge controversy, with some critics accusing the CEO of neglecting his duties at Tesla in favor of Twitter.
According to Forbes, Musk’s wealth has risen to $178 billion since December, but he remains about $10 billion behind Arnault.