Elon Musk lost more than $180 billion and broke the Guinness record
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One of the richest people in the world, Elon Musk, lost between 180 and 200 billion dollars due to the drop in Tesla shares and broke the Guinness Book of World Records as the person who suffered the largest personal financial losses. According to the Guinness Book of World Records, Musk’s fortune peaked at $320 billion in November 2021 and has now fallen to around $138 billion. Still, according to Forbes, Musk remains the second-richest person in the world behind Bernard Arnault, CEO of luxury goods conglomerate LVMH. Despite the fact that Tesla set new sales records in 2022 and increased the supply of electric cars by 40% compared to the previous year, shares lost 65% of their value in 2022 due to the success of competitors, writes NPR. “Long-term fundamentals are extremely strong. Short-term market madness is unpredictable,” Musk tweeted after the stock market closed on Dec. 30, 2022. According to the Guinness Book of World Records, the previous record for the largest single financial loss was $58.6 billion, set by Japanese technology investor Masayoshi Son in 2000 after the collapse of the dot-com bubble, the boom and bust of Internet stocks. The net worth of billionaires is much more volatile than the net worth of middle-income earners, the Guinness website explains. This is due to the fact that the majority of a billionaire’s wealth usually consists of stocks and investments. As the market value of these investments fluctuates, so does the apparent wealth of their owner. They also reminded that Musk was not the first founder of Tesla, but he became the first investor and later the executive director. Earlier, the Voice of America reported that in early October, Musk wrote on Twitter that in order to achieve peace, Ukraine should remain neutral, and Crimea should be given to Russia. After the criticism and reaction of President Volodymyr Zelenskyi, Musk said that he continues to support Ukraine, but opposes a “large-scale escalation” in Russia’s war against Ukraine. In February, Elon Musk provided Ukraine with Starlink terminals free of charge for the needs of the Ukrainian military. In September, Musk’s company SpaceX said that it could not continue to finance the operation of the terminals and asked the US Department of Defense to take on these costs. Shortly after, SpaceX owner Elon Musk said that Starlink would continue to operate in Ukraine regardless of whether the Pentagon would pay for it. At the same time, the American media reported that the American government structures, as well as the Ukrainians themselves, pay for terminals and the use of Starlink satellites in Ukraine.
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