Twitter owner and famous billionaire Elon Musk set a new record for money lost in 14 months.
Famous billionaire and Twitter owner Elon Musk may feel a lighter wallet in his back pocket as he officially holds the Guinness World Record for the most money lost in history. After buying Twitter in October 2022, both his popularity and personal fortune plummeted, losing $182 million in 14 months.
The self-proclaimed “absolutist of free speech” only took over the social media platform a few months ago, but several changes made over the past four months have been criticized by many users. Quickly losing popularity, Musk released a poll on whether he should step down as CEO, which he narrowly lost with 57.5%.
According to a Forbes report, Musk’s personal wealth began to decline from November 2021, Tesla Inc. – Elon Musk’s electric car distribution company – whose shares are falling at an alarming rate, losing 65% of their value in 2022 alone. His losses are currently estimated to be close to $200 million, and his personal net worth has fallen from $320 billion in 2021 to $138 billion by January 2023. The decline can largely be attributed to Tesla’s poor performance, with the billionaire himself taking some heat for various reasons, including mangaka Kentaru Satou demanding royalties from Musk after using a popular character in a manga on the Magical Girl site.
While his net worth of $138 billion is nothing to scoff at, Musk’s title as the world’s richest man is no longer his, as Bernard Arnault has overtaken Musk with $190 billion. Born in France, Arnault is best known for co-founding Louis Vuitton Moët Hennessy, an expensive and luxury brand of handmade and highly-priced designer handbags. Sure, Musk’s personal finances took a bit of a dip after he bought Twitter in October 2022, but Tesla’s stock plunged and Musk lost his incredible fortune in a very volatile market. 14 months.
While the blame can’t be placed solely on Musk’s behavior, his social media attitude has given plenty of reason to believe he has a lot to blame. Whether it’s new changes to Twitter’s verification system that go against his free speech or posting memes to mock his opponents, Musk has certainly taken some of the heat he’s taken since buying the social media platform. Although he’s on the ropes with his current losses, it wouldn’t be surprising if Musk bounced back at some point and climbed back into the ranks of the private fortune.
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Source: Guinness World Records