Jan 11, 2023

Elon Musk's drop in fortunes breaks world record

Elon Musk appears to have broken the world record for the largest loss of personal fortune in history. His $44bn 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 could surpass the previous record of $58.6bn, suffered by Japanese tech investor Masayoshi Son in 2000. "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, according to Forbes, while Bernard Arnault has an estimated value of $188bn.

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