Tesla and SpaceX CEO Elon Musk’s name has entered the Guinness World Records as the World’s billionaire With ‘Worst Loss’ In History.
This is coming after the former world richest man lost that status following losses in worth.
Musk has since slide down from the world’s richest man to the world’s second-wealthiest person.
He is now the official record holder for the largest loss of personal fortune in history.
This record Guinness World Records cited Forbes’ estimation of the drop in Musk’s net worth.
Elon Musk has taken over the world’s worst loss position from the previous record holder, Korean-Japanese billionaire and Softbank founder, Masayoshi Son.
The former record holder had his total wealth dip by $58.6 billion in 2000, going from 78 billion in February to $19.4 billion in July.
Meanwhile, according to Guinness Records, Elon Musk‘s has lost $182 billion since November 2021.
It also said that the net worth of the 51-year-old business executive slumped from a peak of $320 billion in 2021 to $138 billion in January 2023, putting him behind France’s Bernard Arnault.
France’s Bernard Arnault is now the world’s richest man. He overthrew Musk in December 2021 when his net worth, as of January 10, 2023, stood at $196.6 billion.
Guinness explained that while majority of Musk’s fortune is tied up in Tesla stock, the decline in his wealth began after his acquisition of Twitter.
Musk bought Twitter in October 2022 for $44 billion.
The ‘tumultuous’ takeover, the new owner’s ‘polarising’ behaviour contributed to the biggest Tesla stock-off since 2010, when the company went public.
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Who is Bernard Arnault, world’s richest person who overthrew Musk?
He is the Louis Vuitton CEO.
Bernard Arnault took over the world’s richest person title after Elon Musk’s Tesla shares fell sharply in December 2022.
According to Forbes, Arnault had remained in the top 10 of the world’s richest list.
His was also below Amazon founder Jeff Bezos, and Meta founder Mark Zuckerberg but increased in net worth to overthrow all, including Musk.
What you must know about the now world’s richest man:
The world’s richest man now is Bernard Arnault and no longer Elon Musk.
1. Arnault is the co-founder, chairman, and chief executive of LVMH Moet Hennessy – Louis Vuitton SE, the world’s largest luxury goods company.
2. His net worth stands at US$ 188.6 billion as at January 2023, according to Forbes.
3. Arnault is French. He was born in Roubaix in the north of France in 1949 and is now 73 years old.
4. Education: The world’s richest man graduated from the elite engineering school École Polytechnique.
5. He worked at the family business – Ferret Savinel – before moving to the US in 1981 where he ventured into property development.
6. Arnault has five children from two marriages – all of whom currently work at the LVMH firm or one of its brands.
7. In 1984, Arnault returned to France and took over Boussac Saint-Freres – the bankrupt textile group that owned Christian Dior.
8. He turned the Boussac Saint-Freres’ fortunes by bringing alive the company’s other businesses, making a fortune.
9. According to Bloomberg, Arnault then used the windfall to buy a controlling stake in LVMH – whose two main companies – Louis Vuitton and Moet Hennessy had merged.
10. His second child, Antoine recently, got an expanded role at the holding company Christian Dior SE.
11. Through the decades, Arnault turned LVMH into a luxury behemoth selling Champagne, wine, spirits, fashion, leather goods, watches, jewellery, hotel stays, perfume, and cosmetics through more than 5,500 stores worldwide.
12. He is an collector. He opened the Foundation Louis Vuitton in Paris’s Bois de Boulogne in 2014.
The venue is a monumental private art museum designed by Frank Gehry. It houses LVMH’s corporate collection as well as Arnault’s.
13. According to Bloomberg’s wealth index estimates, the vast majority of Arnault’s fortune stems from his 97.5% stake in Christian Dior, which, in turn, controls about 41% of LVMH. The family holds an additional LVMH stake of roughly 6%.
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