Elon Musk, the CEO of Tesla and Twitter, now holds the Guinness World Record for the biggest loss of personal fortune, the record-keeper announced on Friday.
Elon Musk Loses
Forbes said last week that Musk’s projected net worth fell 57% from $320 billion in November 2021 to $137 billion on January 3. That amounts to a loss of $180 billion.
The previous record was set by SoftBank CEO Masayoshi Son more than two decades ago. According to Guinness, he lost $58,600,000,000 during the dot-com crash in 2000.
Musk’s new record for the biggest loss of a personal fortune came just after he dropped to the No. 2 spot on Forbes’ real-time list of billionaires. Since mid-December, Bernard Arnault, the CEO of French luxury conglomerate LVMH, has maintained the top rank with an estimated net worth of $200,1 billion as of press time.
Read more: Treatment for childhood obesity now include medication and surgery, new guideline reveals
How Musk Lost Massive Wealth?
It has been a difficult time for him as CEO of Twitter, which has led to significant personnel reductions and a decline in advertising revenue. Musk revealed his plans to leave and stated he will seek a new CEO after polling the app’s users on whether or not he should step down.
According to Forbes estimates, the fortune of other internet billionaires also decreased, including Mark Zuckerberg, the CEO of Meta, and Jeff Bezos, the creator of Amazon, who each lost $80 billion.
On the opposite side of the divide, new billionaires appeared and had a wonderful 2022, including Todd Boehly, owner of the Chelsea football team, Tom Ford, Colin Zheng Huang, the head of Chinese e-commerce, and Low Tuck Kwong, the coal tycoon of Indonesia.
With gains of $55.1 billion over the preceding 12 months, Indian billionaire Gautam Adani had the best year, according to calculations.
Read more: Why Elon Musk changes Twitter employees’ benefits, removes significant perks?
