• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Elon Musk sets Guinness World Record for biggest loss of personal wealth in history

Home> News

Updated 03:56 12 Jan 2023 GMTPublished 01:01 12 Jan 2023 GMT

Elon Musk sets Guinness World Record for biggest loss of personal wealth in history

He's etched his name in the history books for something no one wants to achieve.

Rachel Lang

Rachel Lang

Elon Musk is no stranger to breaking records, but we're pretty sure this is one accolade that he'd rather not have.

Musk has officially broken the world record for the largest loss of personal fortune in history, according to the Guinness World Records. Ouch.

Forbes estimated Musk's wealth has plummeted roughly USD$182 billion (AUD$263 billion, £153 billion) since November 2021.

Guinness World Records did note that 'the exact figure [of Musk’s loss] is almost impossible to ascertain', but other outlets have suggested Musk's hip-pocket haemorrhage to total more than $200 billion.

Advert

Just to put that into perspective, that’s almost the same as the GDP of Greece. Double ouch.

Regardless of if it is the latter or the former, what is for certain is Twitter's new head honcho has knocked the previous record out of the park.

Elon Musk.
APFootage / Alamy

Guinness World Records says Japanese investor Masayoshi Son lost USD$58.6 billion (AUD$84.7 billion, £48.1 million) in 2000; a paltry number in comparison to Musk's monstrous financial fall.

Advert

Musk's dwindling fortune was the result of his company Tesla experiencing a major drop-off in value.

The 51-year-old had faced problems with Tesla due to China's severe lockdown restrictions, their biggest market outside of the US, as per the Sydney Morning Herald.

Throw in a couple of recall scandals, for which the company saw over 3.76 million vehicles being affected due to technical faults and kablooey, and there goes most of X Æ A-12’s inheritance.

To add insult to massive, massive injury, Musk's huge loss was enough to see him lose his slot as the world's richest man.

Advert

The top spot now belongs to French business magnate Bernard Arnault, who is the CEO of LVMH Moët Hennessy, the world's largest luxury goods company.

Musk, however, seems confident things will turn around for him.

Musk is said to have made a number of cost-cutting changes.
AC NewsPhoto / Alamy Stock Photo

Despite losing more money in 2022 than most people (or countries) will have in their entire lifetime, he tweeted: "Long-term fundamentals are extremely strong. Short-term market madness is unpredictable."

Advert

Musk's enormous loss did come as a win for some though.

It spared a few of his mega-rich mates from the same embarrassment.

Amazon founder Jeff Bezos would have taken home the least-wanted prize ever in Guinness' book of records after suffering a staggering loss of USD$80 billion (AUD$115.5 billion, £45.5 billion) in 2022.

Mark Zuckerberg also broke Masayoshi Son’s record with a loss of USD$78 billion (AUD$112.7 billion, £64.1 billion).

Advert

Looks like 2022 wasn't a great year to be mega-rich.

Musk is now sitting at second best with an approximated net worth of $146.5 billion (AUD$211.7 billion, £120.4 billion), as per Forbes' rich list.

Featured Image Credit: AC NewsPhoto / Alamy. Simon Belcher / Alamy.

Topics: News, Elon Musk, Technology, Money

Rachel Lang
Rachel Lang

Advert

Advert

Advert

Choose your content:

5 hours ago
7 hours ago
  • 5 hours ago

    'Ozempic economy' explained as research suggests drug could save US taxpayers $173,000,000,000 a year

    The diabetes drug could help to reform the US economy

    News
  • 7 hours ago

    Legendary actor Michael Madsen has died aged 67

    Madsen was best known for his roles in Reservoir Dogs and Kill Bill

    Film & TV
  • 7 hours ago

    Kanye West has been banned from entering Australia over one of his songs

    Kanye West will not be touring in Australia anytime soon

    Celebrity
  • 7 hours ago

    Donald Trump makes shocking threat to deport New York mayor candidate Zohran Mamdani

    Zohran Mamdani has responded to the POTUS' threats against him

    News
  • Elon Musk has made a '$32,000,000,000 loss' since taking over Twitter
  • Elon Musk details ‘loophole’ as he exposes ‘one of the biggest sources of fraud in the world’
  • Elon Musk has ominous response to Trump’s deportation threat amid public feud
  • Truth behind whether Trump can actually deport Elon Musk as the billionaire has ominous response to president's threat