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Financial decline of tech gian...The record for the greatest loss of personal wealth in history has been broken by Elon Musk.
He lost over $165 billion between November 2021 and December 2022, according to a blog post on the website of Guinness World Records. Guinness noted that although the statistics were based on data from publisher Forbes, other sources suggested that Mr. Musk's losses might have been larger. It comes after Mr. Musk's electric vehicle company Tesla's stock value dropped after he acquired Twitter last year.
Investors are worried that Mr. Musk is no longer paying enough attention to Tesla after his $44 billion acquisition of the social media giant. The sum lost by Mr. Musk since November 2021 exceeds the previous record set by Masayoshi Son, a Japanese tech investor, who lost $58.6 billion in 2000. The anticipated loss is based on the value of his shares, which might increase in value again, increasing Mr. Musk's wealth.
The CEO of French luxury goods business LVMH, Bernard Arnault, replaced the Tesla CEO as the richest man in the world in December. In 2022, the value of Tesla shares decreased by almost 65%, in part due to Tesla's performance. Just 1.3 million automobiles were delivered by the company throughout the year, falling short of Wall Street projections.