Elon Musk sets Guinness World Record for losing personal wealth

The Tesla and SpaceX CEO Elon Musk has set a new Guinness World Record for losing personal wealth. The mercurial businessman has lost around $180 billion since November 2021, the publication said. According to Guinness world record, the wealth is an approximate figure, but Musk's total losses far surpass the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000.

Elon Musk, who at the time was the richest man in the world, purchased Twitter last year for USD 44 billion. The business tycoon's wealth, however, fell by a staggering USD 200 billion as a result of his purchase of Twitter and the turbulent events that followed, making him the first person in history to suffer such a significant loss.

Elon Musk is currently in the news once more after Guinness World Records acknowledged him for shattering the record for the most money lost in history. Elon Musk has officially shattered the global record for the biggest loss of personal fortune in history, according to a press release from the organisation, which also verified the previous claim.

According to a press release from Guinness World Records, Masayoshi Son, a Japanese IT investor, formerly held the record with a loss of USD 56 billion. According to the press release, "Musk's overall losses significantly surpass the previous record of $58.6 billion, established by Japanese tech investor Masayoshi Son in 2000," despite the fact that the precise amount is nearly impossible to determine.

According tp media reports, Elon Musk's net worth decreased significantly as a result of the underwhelming performance of Tesla's shares, from $320 billion in November 2021 to $137 billion in January 2023. According to the reports, Musk sold $7 billion worth of Tesla stock to raise money for his plan to purchase Twitter, as well as another $4 billion in November. He sold an additional $3.58 billion of stock in the past month, increasing his overall sell-off to more than $23 billion since April.

Meanwhile, Guinness said that in the case of Masayoshi Son, whose net worth declined from a peak of $78 billion in February 2000 to $19.4 billion in July of the same year, the value of his company, Softbank, was wiped out by the dot-com crash.