By
CJR Staff
|
January 16, 2023

World's Biggest Loser Confirmed And You Might Be Surprised

Tesla CEO and Twitter owner Elon Musk has broken the world record for "worst loss of fortune," in the Guinness World Book of Records.

"Data from Forbes and the Bloomberg Billionaires Index states that between November 2021 and January 2022, Musk lost about $200 billion," reports Breitbart. "The previous record was held by Japanese billionaire Masayoshi Son, CEO of SoftBank, who lost $58.6 billion during the 2000 tech stock crash. Taking inflation into account, that loss would be equivalent to about $100 billion today."

"The loss occurs in the wake of Musk’s $44 billion acquisition of Twitter, where he fired thousands of employees. Investors in Tesla, the electric vehicle manufacturer that Musk owns, have expressed concern as a result, saying that he is wasting too much time trying to improve Twitter at the expense of Tesla. Tesla stock has lost 39 percent of its value since December 1, 2022," reports Breitbart.

Musk Confirmed World's Biggest Loser

Musk sold off a sizeable portion of his Tesla stock to pay for Twitter.

Musk's sale of his Tesla stock comes at a time when the electric car firm is experiencing increased competition in the electric vehicle market, chip and raw material shortages, production delays, and missed deadlines.

"Musk’s space manufacturing company SpaceX accounts for approximately 37 percent of his net worth while shares in Tesla account for about 33 percent. The remaining amount consists of shares of Twitter, the Boring Company and ill-advised brain chip company Neuralink," reports Bloomberg.

"The CEO and chairman of the French luxury retail behemoth LVMH, Bernard Arnault, overtook Musk as the wealthiest man in the world. According to Bloomberg’s Billionaires Index, Arnault’s net worth as of Thursday was $182 billion. Forbes estimates that Musk is worth $146.5 billion, while Arnault and his family are worth $204 billion," reports Breitbart.

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Source: Breitbart

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