Elon Musk has faced the “largest loss of personal fortune in history.”
Shares of Tesla (TSLA) traded down 0.77% at press time.
Elon Musk, the CEO of Tesla Inc. and Twitter, has descended from the no.1 spot to become the world’s second richest person. His tragic loss of over $200 billion in a year gets recorded in the Guinness World Records as “ the largest loss of personal fortune in history.” According to Forbes reports, Musk’s current net worth is over $143 billion.
World’s Richest Billionaires (Source: Forbes’ Real-Time Billionaires List)
Bernard Arnault, CEO of the French luxury fashion behemoth LVMH, is now ahead of Elon Musk as the world’s richest man, with a net worth of over $200 billion. As per the data, Indian billionaire Gautam Adani, founder of the Adani Group, and Amazon CEO Jeff Bezos are in the third and fourth spots, respectively.
Following them, the 92-year-old “Oracle of Omaha” Warren Buffet is listed on the fifth, Oracle Corp. CEO Larry Ellison on the sixth, and Microsoft co-founder Bill Gates on the seventh. The Meta CEO Mark Zuckerberg holds the 25th position on the list.
Musk – The Misfortuned Billionaire?
Elon Musk heads renowned companies such as – Tesla, SpaceX, The Boring Company, Neuralink, and Twitter. Furthermore, OpenAI, the parent of ChatGPT, is also one of the companies that were co-founded by Musk in 2015. From the end of 2020, his empire surged up and the valuation of his fortunes peaked. In 2021, his net worth rose to $320 billion.
Indeed Elon Musk is an influential person who raises high speculations every time through his strategies and actions. In the crypto community, his affinity toward Dogecoin had always been in the headlines. Several instances pointed out the impact of Dogefather’s tweets on the price of DOGE. Musk’s recent “Twitter Resign Poll” caused a notable dip in DOGE.
This tech magnate has also invested shares in diverse firms. But majorly, his shares in Tesla (TSLA) are the core. After his Twitter takeover in October, the TSLA stocks depleted in value. Evidently, TSLA had dropped nearly 44.8% in the past three months. Recently, Musk asserted that he would pause the sales of his TSLA shares for 2 years. His minimal focus on the leading e-vehicle maker is causing concern among Tesla’s board members.
2022 goes down as a not-so-good year for some billionaires. According to Forbes, at the end of 2022, the number of billionaires in the world decreased from 2671 to 2523. One among the fallen billionaires was the FTX ex-CEO Sam Bankman-Fried. Some analysts and the community doubt the comeback of Elon Musk to the top due to his slumping financial fortune.