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Elon Musk, the billionaire CEO of Tesla, Twitter, and SpaceX, has seen a record-breaking amount of his own personal wealth go up in flames over the past year as the stock price of Tesla diminishes and the $44 billion deal for Twitter took place.
According to Guinness World Records, Musk lost his title as the world’s richest man this past month as Bernard Arnault, founder of Louis Vuitton Moët Hennessy, took the title with a net worth of $190 billion.
The billionaire has seen the largest single loss of net worth in history after he lost $182 billion from $320 billion in November 2021 to the beginning of 2023 where he started the new year with $138 billion, as reported by the Washington Post.
“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,” Guinness wrote in a blog post.
The main cause of Musk’s misfortune is Tesla. A substantial amount of his fortune is tied up in the stock which plummeted 65 percent in 2022.
‘A KICK TO THE TEETH’: TESLA OWNERS REACT TO PRICE CUTS AS MANY LOST OUT ON TENS OF THOUSANDS
Investors of the electric car company were worried when Musk took over Twitter in October last year. They feared that his attention would be divided and not fully attuned to making Tesla a continued success, leading to an exponential sell-off for the company.
Given that worry, Musk decided to launch a public poll last month to determine if he would remain as the CEO of Twitter asking users: “Should I step down as head of Twitter? I will abide by the results of this poll.”
The results of the poll concluded with 57.5 percent voting in favor of his resignation and 42.5 percent voting against it. In response, Musk announced that he would step down upon finding a suitable replacement.
“I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” he said in the December 21st tweet.
As Musk attempts to balance his busy life with his various commercial enterprises, the hit to his net worth likely doesn’t phase him. After all, he is still the second richest man in the world.
You Can Follow Sterling on Twitter Here
Elon Musk, the billionaire CEO of Tesla, Twitter, and SpaceX, has seen a record-breaking amount of his own personal wealth go up in flames over the past year as the stock price of Tesla diminishes and the $44 billion deal for Twitter took place.
According to Guinness World Records, Musk lost his title as the world’s richest man this past month as Bernard Arnault, founder of Louis Vuitton Moët Hennessy, took the title with a net worth of $190 billion.
The billionaire has seen the largest single loss of net worth in history after he lost $182 billion from $320 billion in November 2021 to the beginning of 2023 where he started the new year with $138 billion, as reported by the Washington Post.
“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,” Guinness wrote in a blog post.
The main cause of Musk’s misfortune is Tesla. A substantial amount of his fortune is tied up in the stock which plummeted 65 percent in 2022.
‘A KICK TO THE TEETH’: TESLA OWNERS REACT TO PRICE CUTS AS MANY LOST OUT ON TENS OF THOUSANDS
Investors of the electric car company were worried when Musk took over Twitter in October last year. They feared that his attention would be divided and not fully attuned to making Tesla a continued success, leading to an exponential sell-off for the company.
Given that worry, Musk decided to launch a public poll last month to determine if he would remain as the CEO of Twitter asking users: “Should I step down as head of Twitter? I will abide by the results of this poll.”
The results of the poll concluded with 57.5 percent voting in favor of his resignation and 42.5 percent voting against it. In response, Musk announced that he would step down upon finding a suitable replacement.
“I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” he said in the December 21st tweet.
As Musk attempts to balance his busy life with his various commercial enterprises, the hit to his net worth likely doesn’t phase him. After all, he is still the second richest man in the world.
You Can Follow Sterling on Twitter Here