BusinessElon Musk breaks a Guinness record by losing $165 billion of his...

    Elon Musk breaks a Guinness record by losing $165 billion of his fortune

    What Elon Musk lost in the last 13 months is quite a record, literally.

    The billionaire is now is the person with the biggest loss of wealth story staffaccording to the site of those responsible for the Book Guinness of the Records.

    From November 2021 to December 2022, the South African-American saw his fortune shrink by almost $165 billion.

    The figures are based on data from Forbes magazine, but Guinness said other sources suggest Musk’s losses may have been higher.

    It came after the value of shares in Tesla, Musk’s electric car company, plunged after the businessman bought Twitter last year.

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    Its acquisition of the social network for $44 billion has aroused concern among Tesla investors, who they consider that Musk no longer pays enough attention to that company.

    Before Musk, the record for the largest loss of personal fortune was held by the Japanese masayoshi son. The technology investor saw a reduction of $58.6 billion in the year 2000.

    Musk’s losses are based on the value of his shares, which they could recover their value this year. If so, the businessman would recover part of his wealth.

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    In December, Musk lost his position as the world’s richest person to bernard arnaultCEO of the French luxury goods company LVMH, which owns the Louis Vuitton fashion label.

    The 51-year-old businessman owns about $178 billion, according to Forbes, while Arnault’s fortune has an estimated value of $188 billion.

    Musk’s latest investments, such as the purchase of Twitter, have shaken his other businesses.

    The value ofTesla shares fell about 65% in 2022, partly due to the poor performance of the automaker’s business. The company was only able to deliver 1.3 million vehicles in the year, below the expectations of Wall Street investors.

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    However, Musk’s purchase of Twitter is behind most of Tesla’s share decline.

    Many investors in the electric car firm believe Musk should focus on that business as it faces falling demand amid recession fears, increased competition and pandemic-related production challenges.

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    Source: La Opinion

    This post is posted by Awutar staff members. Awutar is a global multimedia website. Our Email: [email protected]


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