Musk’s losses broke the previous world record held by Japanese tech investor and SoftBank founder Masayoshi Son.
to an estimated $130 billion as of Tuesday, according to the Bloomberg Billionaires’ Index. Forbes placed Musk’s losses slightly lower at about $182 billion.
By either measure, Musk’s losses broke the previous world record held by Japanese tech investor and SoftBank founder Masayoshi Son, who lost $58.6 billion off his fortune as the dot-com bubble burst in 2000. The shocking downturn cost Musk his long-held title as the world’s richest individual. He currently ranks second on Bloomberg’s list, trailing LVMH founder Bernard Arnault, who is worth an estimated $179 billion.The bulk of Musk’s wealth is tied up in shares of Tesla, which is in the midst of a major slump.
The automaker’s shares plunged by a whopping 65% last year as Tesla contended with supply chain issues, dwindling demand in the key China market and the fallout from Musk’s controversial takeover at Twitter.fell short of Wall Street’s expectationsCritics say Musk exacerbated the investor confidence crisis facing Tesla by selling off large tranches of stock to fund his $44 billion Twitter acquisition.
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