World’s richest man Elon Musk’s wealth has taken a $100 billion hit in 2022, thanks to plummeting Tesla shares

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A picture of Elon Musk from the shoulders up. He's wearing a black t-shirt and clasping his left hand to his head with a calm expression on his face.
Elon Musk’s internet price has slumped $100 billion thus far this yr, however he’s nonetheless the world’s richest particular person.

  • Elon Musk’s wealth has fallen $100.5 billion thus far in 2022, per Bloomberg Billionaires Index. 
  • Even so, Musk remains to be the world’s richest particular person with a fortune of $169.8 billion.
  • Musk has Tesla’s nosediving share value to thank for his declining wealth.

Elon Musk, the CEO of Tesla, SpaceX and now Twitter, has seen his wealth plunge nearly $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 last year — 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 in the electrical automobile maker’s inventory value on Monday shaved round $8.6 billion off Musk’s wealth in simply sooner or later.

The tech mogul attracts most of his wealth from the shares and possession of Tesla, SpaceX, and most just lately Twitter, per Bloomberg. Tesla shares have plummeted round 58.03% yr to date.

Even so, Musk stays the world’s richest particular person, 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

According to the identical index, Musk’s internet price additionally eclipses that of Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates, by roughly $54 billion and $57 billion, respectively. 

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Tesla’s inventory value has been below strain this yr amid a broad selloff in the tech markets due to issues of an financial downturn and on the again of the Federal Reserve’s aggressive rate of interest hikes.

Investors are additionally fearful about Tesla’s business in China, amid the nation’s strict Covid-zero stance and whether or not Musk is able to focus on his position as Tesla CEO after buying Twitter for $44 billion.

Both Musk and Tesla didn’t instantly reply to Insider’s requests for remark.

Read the unique article on Business Insider

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