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Thursday, February 2, 2023

Elon Musk broke a Guinness record: he lost $ 165,000 million of his fortune

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His $44 billion acquisition of the social network has sparked concern among Tesla investors, who believe Musk is no longer paying enough attention to that company.

Before Musk, the record for the largest loss of personal fortune was held by the Japanese masayoshi son. The technology investor saw a drawdown of $58.6 billion in 2000.

What are the investments

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Musk’s losses are based on the value of his shares, which they could recover their value this year. If so, the businessman would recover part of his wealth.

In December, Musk lost his position as the world’s wealthiest person to Bernard Arnault, chief executive of French luxury goods company LVMH, which owns the Louis Vuitton fashion brand.

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The 51-year-old businessman is worth about $178 billion, according to Forbes, while Arnault’s fortune is estimated to be worth $188 billion. Musk’s latest investments, such as the purchase of Twitter, have shaken up his other businesses.

The value ofTesla shares fell about 65% in 2022, partly due to the poor performance of the automaker’s business. The company was only able to deliver 1.3 million vehicles in the year, below the expectations of Wall Street investors.

However, Musk’s purchase of Twitter is behind most of Tesla’s share decline.

Many investors in the electric car firm believe Musk should focus on that business as it faces falling demand amid recession fears, increased competition and pandemic-related production challenges.

Source: Ambito

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