- Elon Musk’s wealth has fallen $100.5 billion to date in 2022, per Bloomberg Billionaires Index.
- Even so, Musk continues to be the world’s richest individual with a fortune of $169.8 billion.
- Musk has Tesla’s nosediving share worth to thank for his declining wealth.
Elon Musk, the CEO of Tesla, SpaceX and now Twitter, has seen his wealth plunge virtually $100 billion this yr, the steepest drop ever reported on Bloomberg Billionaires Index.
The 51-year-old’s internet price — which peaked at $340 billion in November final yr — took a nosedive on Tuesday to its lowest level in 2022 at round $170 billion, after Tesla shares hit a two-year low on Monday, Bloomberg reported.
Musk holds an round 15% stake in Tesla and the decline within the electrical car maker’s inventory worth on Monday shaved round $8.6 billion off Musk’s wealth in simply someday.
The tech mogul attracts most of his wealth from the shares and possession of Tesla, SpaceX, and most lately Twitter, per Bloomberg. Tesla shares have plummeted round 58.03% yr to this point.
Even so, Musk stays the world’s richest individual, as his internet price beat that of runner-up Bernard Arnault — the chairman of the world’s largest maker of luxurious items, LVMH Moet Hennessy Louis Vuitton — by roughly $13 billion, per the Bloomberg Billionaires Index.
Based on the identical index, Musk’s internet price additionally eclipses that of Amazon founder Jeff Bezos and Microsoft co-founder Invoice Gates, by roughly $54 billion and $57 billion, respectively.
Tesla’s inventory worth has been beneath stress this yr amid a broad selloff within the tech markets on account of considerations of an financial downturn and on the again of the Federal Reserve’s aggressive rate of interest hikes.
Traders are additionally apprehensive about Tesla’s enterprise in China, amid the nation’s strict Covid-zero stance and whether or not Musk is ready to give attention to his position as Tesla CEO after buying Twitter for $44 billion.
Each Musk and Tesla didn’t instantly reply to Insider’s requests for remark.
