Guinness World Records declares that Elon Musk has officially surpassed the previous record for the greatest loss of personal riches. Tesla shares holds a significant portion of Musk’s personal wealth.
In Brief
Elon Musk Has Formally Surpassed the Previous Record for The Biggest Loss of Personal Wealth
In 2022, Musk’s fortune plummeted by a startling USD 200 billion.
Elon Musk surrendered a significant portion of his Tesla ownership and paid USD 44 billion for Twitter last year.
Author: Divyanshi Sharma 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.
Elon Musk smashes a record.
Author: Divyanshi Sharma Last year, Elon Musk paid USD 44 billion to purchase Twitter. 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.
falling Tesla stock prices
Tesla shares holds a significant portion of Musk’s personal wealth. The businessman contributed to the company’s early funding and eventually came to own the largest stake in the automaker. Martin Eberhard established the electric vehicle manufacturer called Tesla Motors in July 2003. Marc Tarpenning, too. By making a massive USD 6.5 million investment in the firm in 2004, Musk rose to the position of the majority stakeholder. In 2008, he then began serving as the company’s CEO and product architect.
It is well known that in 2022, Musk sold a significant portion of his Tesla stock, first to purchase Twitter, and then maybe to cover the losses from his recent transaction.
In April and August 2022, Musk sold Tesla shares with a total market value of USD 15.4 billion. He had stated that no “additional sales were planned” at the time. Musk did, however, sell a further 19.5 million Tesla shares in November 2022 for nearly $4 billion. Reuters tweeted at the time, “Billionaire entrepreneur and Twitter’s new owner Elon Musk sells 19.5 million Tesla shares, an SEC filing says.”
Tesla stock prices started falling in 2022, and that same year they had their worst yearly decrease. Musk allegedly issued an email to all Tesla employees during these trying times, advising them not to worry about the “stock market hysteria.”
Musk’s purchase of Twitter
Nobody anticipated what would happen when Elon Musk acquired Twitter. Musk occasionally made headlines for a variety of reasons, including firing the company’s top executives just hours after assuming his new position, getting into social media arguments with former workers, sending upsetting emails to the entire organisation, making adjustments to the day-to-day operations of the company, and other things. As a result, Twitter was no longer a desirable place to work, and the vast majority of its employees had been fired or quit.
