Elon Musk’s Name Appears in the Guinness Book of Records Following a Massive Loss of Wealth in 2022

Elon Musk’s Name Appears in the Guinness Book of Records Following a Massive Loss of Wealth in 2022

  • Elon Musk has made it into the Guinness book of records but for the wrong reasons
  • The Tesla CEO made it into the record book after becoming the first man in history to record over $200 billion loss in a year
  • Before, Elon Musk's drop in wealth he was projected to be the world's first trillionaire in 2024

PAY ATTENTION: How media literate are you? Click to take a quiz – bust fake news with Legit.ng!

The Guinness book of records has officially named Tesla CEO Elon Musk as the first man in history to break the world record for the largest loss of personal fortune in history.

In a report published on its website, the Guinness book noted that Musk has lost approximately $182 billion (£153B; €173B) since November 2021.

The report also revealed that Musk’s total losses far surpass the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000.

Read also

South Africa’s Johann Rupert‘s net worth rises by N178.4bn in One week, Dangote earns N10.3bn

Elon musk wealth loss Guinness book
Elon Musk enters Guinness book of record Credit: Gotham / C
Source: UGC

Forbes also on its website reported that 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.

PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!

Musk billionaire ranking drops

Musk's troubles also cost him the title of world's richest person, which now belongs to Bernard Arnault (France), creator of luxury goods group LVMH (Louis Vuitton Mot Hennessy), who has an estimated net worth of $190 billion (£156 billion; €177 billion).

The majority of Elon Musk's money is invested in Tesla shares, the value of which have dropped by 65% in 2022.

This worrying decrease intensified in October, when Musk paid $44 billion (£37 billion; €42 billion) for Twitter.

Also, the messy takeover, along with Musk's divisive conduct on the platform, triggered the greatest Tesla stock sell-off since the firm went public in 2010.

Read also

Aliko Dangote begins 2023 as the world's 78th richest man, although his fortune reduces by $400m from 2022

Despite the drop in profit, Tesla is still the most valuable car business in the world, with a market valuation $100 billion more than Toyota.

Nigerian man buys Elon Musk's Starlink, shares experience, cost

Meanwhile, in another report, a Nigerian man has successfully imported Elon Musk's Starlink network and has shared his experience.

The new network will battle it out for data subscribers with MTN, GLO, and other telecommunication companies.

The Starlink network is said to provide faster internet speed, and will also have a wider reach.

Source: Legit.ng

Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Online view pixel