The news comes after reports estimate that his net worth has dropped by a staggering amount, with Forbes placing the figure at $183 billion and Bloomberg at $200 billion over the last year.
Previously, the record for the largest loss of personal fortune was held by Softbank founder and CEO, Masayoshi Son, at a much lower figure of $58.6 billion in 2000. According to Bloomberg, Musk's net worth reached its peak in November 2021 at $340 billion, but it took a significant hit as Tesla shares, which make up the majority of his wealth, dropped 65% in 2022. The downfall accelerated following Musk's acquisition of Twitter in October of that year.
As a result of the financial loss, Musk is no longer the world's richest person, with the title now belonging to Bernard Arnault, the head of the French company that owns Louis Vuitton. As of the latest Forbes estimates, Musk's current net worth is valued at $144.4 billion.
Source: Guinnessworldrecords