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Elon Musk's Drop In Fortunes Breaks World Record - Business - Nairaland

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Elon Musk's Drop In Fortunes Breaks World Record by DaveHarry(m): 10:09pm On Jan 11, 2023
Elon Musk has broken the world record for the largest loss of personal fortune in history.
From November 2021 to December 2022 he lost around $165bn, Guinness World Records said in a blog on its website.
The figures are based on data from publisher Forbes, but Guinness said other sources suggested Mr Musk's losses could have been higher.
It follows a fall in value of shares in Mr Musk's electric car firm Tesla after he bought Twitter last year.
His $44bn (£36bn) takeover of the social media company has sparked concerns among investors that Mr Musk is no longer giving Tesla enough attention.
Mr Musk's losses since November 2021 surpass the previous record of $58.6bn (£47bn), suffered by Japanese tech investor Masayoshi Son in 2000.
The estimated loss is based on the value of his shares, which could regain their value, meaning Mr Musk's wealth would increase again.
In December, the Tesla boss lost his position as richest person in the world to Bernard Arnault, the chief executive of French luxury goods company LVMH, which owns fashion label Louis Vuitton.
The value of Tesla shares dropped around 65% in 2022, in part because of Tesla's performance. The firm delivered just 1.3 million vehicles during the year, falling short of Wall Street expectations.
However, Mr Musk's takeover of Twitter - where he has sparked controversy by firing large numbers of staff and changing content moderation policies - is behind most of the share slump.
Many Tesla investors believe he should be focusing on the electric vehicle company as it faces falling demand amid recession fears, rising competition and Covid-linked production challenges.
"Long-term fundamentals [at Tesla] are extremely strong. Short-term market madness is unpredictable," Mr Musk tweeted after the stock markets closed for the year in December 2022.
Mr Musk is now worth about $178bn (£152bn), according to Forbes, while Bernard Arnault has an estimated value of $188bn (£155bn).

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Re: Elon Musk's Drop In Fortunes Breaks World Record by DaveHarry(m): 10:12pm On Jan 11, 2023
How do they even calculate the total wealth of these people

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Re: Elon Musk's Drop In Fortunes Breaks World Record by New007: 10:19pm On Jan 11, 2023
He lost, but it still looks like he didn't lose. See money o. Father, I want enough to impact your church, people, and your kingdom.
Re: Elon Musk's Drop In Fortunes Breaks World Record by DatNaijaGuy: 10:25pm On Jan 11, 2023
Imagine losing 165 billion dollars and you are still counted among the top five richest on earth.
This is real money not the change some internet fraudsters flaunt around.
Re: Elon Musk's Drop In Fortunes Breaks World Record by etrange: 10:40pm On Jan 11, 2023
DaveHarry:
How do they even calculate the total wealth of these people

They simply subtract his liabilities from his assets to get a fairly accurate value. His organizations submit thier financial records to the government. The statement of financial position shows the assets and the liabilities. His personal assets and liabilities are all tied to his SSN whether it is cash-in-bank, investments or fixed assets.

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Re: Elon Musk's Drop In Fortunes Breaks World Record by DaveHarry(m): 6:52am On Jan 12, 2023
New007:
He lost, but it still looks like he didn't lose. See money o. Father, I want enough to impact your church, people, and your kingdom.
Liar

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