United States: The record for the largest loss of personal fortune in history has been broken by Mr. Elon Musk. According to a blog post on the website of Guinness World Records, the business magnet lost over $165 billion between November 2021 and December 2022. Guinness cited other sources that suggested Mr. Musk’s losses could have been higher.
Investors are worried that Mr. Musk is no longer giving Tesla enough attention as a result of his $44 billion acquisition of the social media business. The amount lost by Mr. Musk since November 2021 surpasses the previous record set by Mr. Masayoshi Son, a Japanese tech investor, who lost $58.6 billion in 2000.
The estimated loss is based on the value of his shares, which could regain their value, meaning Mr. Musk’s wealth would increase again, as per the report. The CEO of French luxury goods business LVMH, which owns the fashion label Louis Vuitton, Mr. Bernard Arnault, replaced the Tesla CEO as the richest man in the world in December 2022.
Because of Tesla’s performance in the market, the value of the vehicle’s shares decreased by almost 65 percent in 2022. Just 1.3 million vehicles were delivered by the company throughout the year. However, Mr Musk’s takeover of Twitter where he has sparked controversy by firing large numbers of staff and changing content moderation policies is behind most of the share slump.
Many Tesla investors think he should be concentrating on the electric vehicle manufacturer as it is experiencing declining demand due to recessionary fears, escalating competition, and production issues related to COVID.
CURIOUS: Hearing Aids reduce Dementia risk; Study
