Elon Musk breaks world record for largest personal wealth loss

Elon Musk has broken a new world record for “the largest loss of personal wealth in history,” estimated by Forbes to be $182 billion. In January 2023, Musk dropped to second place as the world’s richest man. 

Elon Musk and the new Guinness World Record for losing $182 billion in wealth 

The famous Elon Musk has achieved a new Guinness World Record for the largest loss in history: as much as $182 billion of his personal wealth. 

Elon Musk has lost $182 billion of personal wealth since 2021, the highest amount of anyone in history…https://t.co/PcQY7FGB1W

— Guinness World Records (@GWR) January 6, 2023

And indeed, while other analysts also estimate that the loss touches $200 billion, Elon Musk has actually surpassed the previous world record achieved by Japanese tech investor Masayoshi Son in 2000, which amounted to a loss of “only” $58.6 billion. 

According to Forbes estimates, Musk’s net worth has fallen from an estimated $320 billion in 2021 to $138 billion in January 2023, largely due to Tesla’s poor stock performance. 

Despite this, Musk still remains on Forbes’ list of the world’s richest men, although he has dropped to second place to make way for Bernard Arnault (France), founder of luxury goods conglomerate LVMH (Louis Vuitton Moët Hennessy), who has an estimated net worth of $190 billion. 

Elon Musk and the decline of Tesla stock?

Most of Elon Musk’s fortune is locked in Tesla shares, the value of which plummeted 65% in 2022. Not only that, the alarming decline accelerated after Musk in October reportedly bought Twitter for about $44 billion. 

In essence, it appears that the acquisition of the social network plus Musk’s behavior on the platform to advocate freedom of thought and speech would have triggered the largest sell-off of Tesla shares since the company went public in 2010. 

Yet, Musk does not seem to fear such a collapse. On the contrary, he recently shared a tweet showing the situation of Tesla shares compared to the rest of the industry market. 

(Chart by James Stephenson) pic.twitter.com/rOHfjXGVmU

— Elon Musk (@elonmusk) January 8, 2023

According to the chart, Tesla’s performance, although it has collapsed, has remained higher than its competitors. 

No Dogecoin (DOGE) on Twitter

Another bit of unexpected news is that Musk is not going to include his beloved Dogecoin (DOGE), the quintessential memecoin, in the Twitter Coins project. 

Twitter is working on Coins purchasing screen

On the web, Twitter Coins purchase will be done through Stripe https://t.co/RFpWswnZfG pic.twitter.com/eAzPWjfoye

— Jane Manchun Wong (@wongmjane) January 10, 2023

No Dogecoin or Bitcoin at the moment, it seems that transactions will apparently take place via Stripe.

The project is part of “Twitter: an app for everything,” a business plan laid out by Musk, which also involves the social network to pay for content to its creators. 

Given that at the same time Changpeng CZ Zhao, CEO of Binance, was also holding AMA sessions on Twitter, anticipating how crypto could be integrated into the social network, it is expected that Twitter Coin will involve Bitcoin first and foremost, but also Dogecoin.