According to Guinness World Records, Tesla and SpaceX CEO Elon Musk has broken the world record for the largest loss of personal fortune in history.

Musk has lost approximately $182 billion since November 2021, as estimated by Forbes, although other sources suggest that it could actually be closer to $200 billion.

Although the exact figure is almost impossible to ascertain, Musk’s total losses far surpass the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000.

According to Forbes, Musk’s net worth dropped from a peak of $320 billion in 2021 to $138 billion as of January 2023, largely due to the poor performance of Tesla’s stock.

Elon Musk is the first person in history to have lost $200 billion off his net worth, according to the Bloomberg Billionaire Index. In January 2021, Musk reached the milestone of having more than $200 billion in "personal fortune," trailing only Jeff Bezos of Amazon.

Also read: Twitter: 2022 a roller coaster ride for the social media platform

Following the recent decrease in Tesla shares, Musk's net worth plummeted to $137 billion. This includes the dramatic 11 percent drop in Tesla shares on December 27.

For its two most popular models, Tesla is now giving American customers a $7,500 discount through the end of the year. Its Shanghai plant's production has apparently also been reduced.

In November 2021, Musk's net worth reached its peak at $340 billion. Then after, he held the title of the richest person in the world for a period of time that lasted for more than a year. The French business tycoon and co-founder of the dominant LVMH, Bernard Arnault, passed him last month.

In late October, Musk spent $44 billion to acquire the social media service Twitter. Since he sold a big portion of his Tesla shares to help pay for the acquisition, the electric vehicle manufacturer is no longer his largest asset.

Elon Musk has repeatedly blasted the Federal Reserve on Twitter for hiking interest rates at the quickest rate in decades.

"Tesla is executing better than ever!" Musk wrote on Twitter on December 17. "We don’t control the Federal Reserve. That is the real problem here."

Tesla is executing better than ever!

We don’t control the Federal Reserve.That is the real problem here.— Elon Musk (@elonmusk) December 16, 2022

Bloomberg noted a recent podcast interview by the billionaire entrepreneur, in which he was heard cautioning listeners about the risks of borrowing money during a tumultuous market period.

In the All-In podcast, which was broadcast this month, Musk is quoted as saying,"I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep the powder dry. You can get some pretty extreme things happening in a down market."

Also read: Biggest billionaire losers of 2022 — Elon Musk, Jeff Bezos lead the list

(Edited by : Priyanka Deshpande)

First Published:Dec 31, 2022 3:00 PM IST