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Elon Musk Becomes Biggest Wealth Loser in History, According to Guinness World Records

When someone becomes the world’s richest man, it is hard to state he is a loser. Yet, that is precisely what Guinness World Records acknowledged when it gave Elon Musk the title of biggest wealth loser in history. By losing more than $182 billion since November 2021, he established the new and uncomfortable record, beating the Japanese tech investor Masayoshi Son. The Softbank founder lost $58.6 billion in 2000 and was the title owner for 21 years.
Guinness World Records certified Elon Musk is the biggest wealth loser in history 7 photos
Photo: Tesla/Guinness World Records/edited by autoevolution
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It may have taken a long time for this record to be broken, but it was broken categorically. Fortune states Musk lost $182 billion, but other calculations, such as one made by Bloomberg, estimate the losses could reach $200 billion. That would represent almost four times what Son lost in 2000, but it would be wrong not to factor inflation into these calculations.

According to the U.S. Inflation Calculator, $58.6 billion in 2000 is equivalent to $99.6 billion in 2022. Even with that clarification, Musk still lost around twice as much as the Softbank founder did when “the dot-com crash” wiped out the value of his tech conglomerate. However, the Guinness World Records is careful to note that Musk’s wealth loss is not related solely to market conditions.

In the organization’s own words, “this alarming decline accelerated in October after Musk bought Twitter for roughly $44 billion (£37B; €42B).” It also notes that “the tumultuous takeover, coupled with Musk’s polarizing behavior on the platform, sparked the biggest Tesla stock sell-off since the company went public in 2010.” It just fails to mention crucial details in the process.

Elon Musk signed contracts to buy Twitter and eventually decided not to do so anymore. Twitter’s shareholders did not like that and sued him for the Tesla CEO to buy the social media company for the value he agreed to pay. The lawsuit did not go well for Musk, and he rushed to buy Twitter within the contract deadline, apparently to avoid going to court.

Musk's credit agreements were not enough to cover the purchase, so he had to disburse his money in the deal. As “the majority of Elon Musk’s fortune is tied up in Tesla stock,” he had to sell. He started doing that on November 2021, way before saying he would buy Twitter. Guinness World Records wrote that this was the start of Musk’s wealth loss. Since November 2021 – when Tesla was worth $1.23 trillion – Musk sold enough of its shares to raise $39 billion. In other words, this massive stock sale may have contributed to Tesla’s depreciation.

Old wisdom always reminds us that “the bigger they are, the harder they fall.” In a way, that’s pure logic: you cannot have a massive fall if you are not high enough. Sadly, plenty of stockholders with their life savings in Tesla stock also lost a lot of money in the process. Although Musk established the world record, thousands (if not millions) of people ended up following him in losing more money than they ever did before. Guinness World Records said they “won’t be surprised to see him bounce back too at some point in the future” while building his tech conglomerate. For those who still trust him, a surprise will not fit the bill: they will pray for this recovery to be certain.
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About the author: Gustavo Henrique Ruffo
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Motoring writer since 1998, Gustavo wants to write relevant stories about cars and their shift to a sustainable future.
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