Ammon News - Elon Musk has broken the world record for the biggest wealth loss in history after shedding $182 billion from his net worth since November 2021, according to a report by Guinness World Records.

Mr Musk, co-founder of Tesla and the owner of social media platform Twitter as well as Space X, began 2023 with a net worth of $138 billion, a sharp drop from the peak of his wealth of $320 billion in 2021, Forbes magazine data shows.

“Even though Musk has lost more money than any human in history, he won't be going hungry any time soon — he’s still the world’s second-richest person,” Guinness World Records said.

Global economic uncertainty — exacerbated by the Russia-Ukraine war, high inflation and rising interest rates — has increased volatility in financial markets, resulting in the world’s wealthiest billionaires losing nearly a combined $2 trillion in 2022.

Mr Musk was not the only billionaire to suffer a record loss to his personal wealth in 2022, according to Forbes.

“In a year of unprecedented wealth destruction, four other billionaires fell by record sums as tech stocks tanked,” Forbes said.