The Guinness World Record wrote in a blog that the figures are based on estimates by Forbes, adding other sources suggested that it be closer to $ 200 billion.
"Although the exact figure is almost impossible to ascertain, Musk’s total losses far surpass the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000," the world's record keeper wrote.
Musk's net worth dropped from a peak of $320 billion in 2021 to $138 billion as of January 2023, largely because of poor performance by his Tesla stock.
Also, as he geared up to take the control of Twitter in a $44 billion deal, after much controversy around the deal, Musk had to sell $7 billion worth of Tesla stock. He sold more shares later, bringing his total sell-off to more than $23 billion since April last year. Additionally, the value of Tesla stock has dropped 65 per cent in 2022.
The turnaround in Musk's fortune saw him losing the title of the world's richest person to Bernard Arnault (France), founder of luxury goods conglomerate LVMH (Louis Vuitton Moet Hennessy). Arnault has an estimated net worth of $190 billion. They are followed by Gautam Adani, whose net worth is estimated to be around $121 billion.
The Guinness World Record, however, said the net worth of billionaires is much more volatile and variable than the net worth of someone who earns an average income. This is because the bulk of a billionaire’s fortune typically takes the form of shares and investments. If their company’s share price tumbles, so does their net worth.
"As Elon Musk continues to build his own tech conglomerate, we won't be surprised to see him bounce back too at some point in the future," the blog post said.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app