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Tags: elon musk net worth | 100 billion decline | worlds richest person

Musk's Net Worth Tumbles by $100 Billion

Musk's Net Worth Tumbles by $100 Billion
Billionaire entrepreneur and Tesla and SpaceX founder Elon Musk speaks at the 68th International Astronautical Congress in Adelaide, Australia. (Peter Parks/Getty Images/2017 file photo)

By    |   Tuesday, 22 November 2022 06:55 AM EST

Elon Musk’s net worth has taken a $100 billion hit this year—but he is still the world’s richest person, according to the Bloomberg Billionaires Index.

The $100 billion decline in Musk’s wealth is the biggest drop ever recorded by the index.

With a current fortune of $169.8 billion, the 51-year-old’s net worth peaked at $340 billion last November, Business Insider reports.

The decline in the value of Tesla shares, of which Musk has a 15% stake, has wiped out most of Musk’s net worth. On Monday alone, a 6.84% drop in Tesla (TSLA) stock shaved $8.6 billion off his balance sheet. Year-to-date, Tesla shares are down 58.03%.

The world’s second richest person is Bernard Arnault, chairman of LVMH Moet Hennessy Louis Vuitton, who Musk beats by $13 billion.

The irreverent, gifted billionaire also thumps Amazon founder Jeff Bezos by $54 billion and Microsoft co-founder Bill Gates by $57 billion.

Tesla, along with Blue Chip and Big Tech stocks, has been under intense selling pressure this year on concerns of a recession and continued interest rate hikes by the Federal Reserve.

Investors have also been worried about China’s strict zero-COVID policy and how that will impact Tesla’s business in the country, as well as how Musk will balance his responsibilities to the electric vehicle maker with his shakeup at Twitter, which he acquired on Oct. 27, 2022 for $44 billion.

Musk and Tesla did not immediately respond to Business Insider’s requests for comment.

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StreetTalk
Elon Musk's net worth has taken a $100 billion hit this year - but he is still the world's richest person, according to the Bloomberg Billionaires Index.
elon musk net worth, 100 billion decline, worlds richest person
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2022-55-22
Tuesday, 22 November 2022 06:55 AM
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