History Unfolds as Elon Musk Suffers Worst Financial Setback Ever

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Elon Musk witnessed the most drastic and devastating plummet of his net worth in history, according to Guinness World Records — a phenomenon so exceptional that it stripped him from his title as the world’s richest man.

The Financial Turmoil of Elon Musk: Losing Billions

Based on Forbes’ data, Guinness reported that Elon Musk had lost an astonishing $US182 billion ($262.1 billion) between November 2021 and the present. Bloomberg estimated him to have gone through a financial hit of up to $US200 billion within this same timeframe.

History was made when Mr Musk’s losses surpassed the previous record set by Masayoshi Son, SoftBank’s CEO, during the 2000 tech-stock crash, where he allegedly lost $US58.6 billion, according to Guiness’ blog post. If we account for inflation, that will amount to approximately $100 billion in today’s market.

Disastrously, Mr Musk’s $US44 billion acquisition of Twitter has resulted in immense losses and thousands of layoffs.

Tesla Investors Fear Distractions from Twitter

Consequently, worries among Tesla investors have grown that the electric carmaker is at risk due to his excessive energy devoted to salvaging Twitter rather than Tesla. Shockingly, since December 1st alone, Tesla stock has plummeted an astounding 39%.

Yet this crisis is partially due to Elon Musk’s own decisions. He decided to sell a significant portion of his Tesla stocks to purchase Twitter at an elevated price while simultaneously confronting mounting competition in the electric-vehicle market, supply shortages of chips and raw materials, delayed production schedules and missed deadlines from his carmaker.

“It’s a pretty dramatic fall and certainly very sad to see,” said David Kudla, chief executive officer at Mainstay Capital Management LLC. “While Tesla is still an incredible company, there are real-world costs regarding the stock performance.”

To address the issues at Twitter, Elon Musk has vowed to camp out overnight in their San Francisco office until the necessary fixes are made.

As the world watches anxiously, it remains to be seen whether he will come out of this financial debacle unscathed. Only time will tell if Musk can recover from his worst historical setback.

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