The leader of the world’s leading electric vehicle company suffered a huge loss of wealth in 2022. The drop moved Tesla Inc TSLA CEO Elon Musk down the billionaires' list — and had him receiving an award.
What Happened: In 2022, Musk saw his wealth drop thanks in large part to a 60%-plus drop in the share price of Tesla. The move saw LVMH Moet Hennessy Louis Vuitton SA LVMUY CEO Bernard Arnault overtake Musk as the world’s richest person.
Musk has lost $182 billion in wealth since November 2021 according to estimates from Forbes. Other sources pegged the loss at around $200 billion.
Regardless of the exact amount, Musk set a record for the biggest loss of wealth in one year and is now the recipient and owner of a Guinness World Record.
According to the Guinness World Records, the loss by Musk in 2022 tops the previous record holder Masayoshi Son, the founder and CEO of Softbank Group Corp SFTBY. Son lost $58.6 billion of wealth in 2000 according to the report.
Related Link: 51 Facts And Figures About Tesla And SpaceX CEO Elon Musk
Why It’s Important: For many, the Guinness World Records are synonymous with the best of the best. Some may associate the awards with a former television show that saw people compete in challenges to get their name on an award and potentially in the annual book that is released.
Others might think of YouTube content creators Dude Perfect setting Guinness World Records for their trick shots.
The majority of Musk’s wealth comes from an ownership position in Tesla. After his latest sale in December, Musk now owns 423,622,432 Tesla shares, representing around 13.4% of the company.
Musk’s wealth also comes from an ownership stake in space company SpaceX, other companies he founded and ownership of social media platform Twitter, which he acquired in 2022.
Tesla was one of the biggest losers by percentage among large cap stocks in 2022. Shares were down more than 60%.
Musk could be entering 2023 with a chip on his shoulder thanks to people doubting him after the rough year for Tesla shares and shareholders.
The Tesla CEO has downplayed the stock performance of Tesla in 2022 with a memo to employees saying: “Don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that.”
With a track record of leading the way in electric vehicles and space, it’s hard to bet against Musk at this point. In a few years, perhaps Musk will have more Guinness World Records, this time for most wealth gained or for his own companies.
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photo: Shutterstock; JD Lasica, Wikimedia Commons
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