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Thursday, April 18, 2024

The decline in Elon Musk’s net worth of 182 billion dollars sets a new Guinness World Record

Guinness World Record holder is a new credential that can be added to Elon Musk’s already impressive portfolio.

The “Technoking” of Tesla made it into the record books thanks to an abysmal 2022 that saw his fortune shrink by $182 billion, the organisation announced on Friday in a release that cited data from Forbes. This caused his wealth to decrease by $182 billion, which helped him make it into the record books.

Guinness said that while “the precise amount of Musk’s loss is very hard to determine,” with some publications speculating that he lost more than $200 billion, the owner of Twitter smashed the previous record: a $58.6 billion loss by Japanese billionaire Masayoshi Son in 2000.

Musk’s wealth shrunk significantly as a direct result of the sharp decline in the value of Tesla shares, which fell by almost 65 percent in value during the worst year in the history of the firm.

He was knocked from his perch as the wealthiest man in the world as a result of the loss, which was sufficient to ensure that luxury goods mogul Bernard Arnault currently holds that position.

It goes without saying that Musk is not the only billionaire whose riches suffered a setback in the year 2022. According to a previous analysis from CNBC Make It, American billionaires as a group saw a loss of $660 billion in 2017.

The fall in wealth experienced by the 53-year-old prevented Amazon founder Jeff Bezos from gaining the title of Guinness World Record holder. If it weren’t for Musk, Bezos’s loss of $80 billion in 2022 would have unquestionably earned him the distinction of having the “biggest loss.”

Mark Zuckerberg, another CEO of a major company, lost $78 billion, which put him ahead of Masayoshi Son’s previous record.

In the late year 2021, Musk’s wealth was previously estimated to be as high as 320 billion dollars. As of the 10th of January, Forbes estimated that his net worth is now at $142.1 billion, which places him in the position of the second wealthiest person in the world, ahead of Gautam Adani of India, whose wealth is estimated to be $125.1 billion.

David Faber
David Faber
I am a Business Journalist of The National Era
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