It has been a year of losses for some billionaires out there. There are some who have lost their billionaire status, while there are others who have entered the race. And this year especially has had an effect on the wealth possessed by Elon Musk. The acquisition of Twitter and the related chaos that followed has really hit Musk’s economic territory hard.
Twitter is not the only factor that has led to the loss faced by the Tesla CEO this year, there are other reasons too. And Elon Musk is not the only billionaire who is bleeding. But the richest of the rich, all have faced a fluctuation in their wealth by the end of 2022. However, it is great to know that Elon Musk is still holding strong to his title as the world’s richest person.
Read More: “Maybe We’ve Gone To Heaven”: Elon Musk Slams People Who Predicted Twitter Would Die
Billions Lost By Elon Musk
The Tesla CEO has had a rough year. However, it is not Twitter that is the culprit behind the fall of Musk’s wealth. It is the shares of Tesla Inc., which have now dropped to the lowest level in two years that has caused Musk’s loss. The SpaceX CEO currently has a fortune of $169.8 billion. As a whole, this year, Musk’s wealth has gone down by $100.5 billion.
One reason for the fall in Elon Musk’s wealth is the struggle faced by Tesla in its sales. Due to the Covid-related restrictions in China, these electric car makers are not able to make gains from its largest market outside the USA. The company also had to recall more than 300,000 cars due to faulty taillights. The 51-year-old entrepreneur is preoccupied with Twitter at the moment. Maybe more of his attention on Tesla would turn his losses into gains.
Every Billionaire Is Under Pressure
It is not only the SpaceX CEO who is having economic troubles. But all the billionaires are facing the same problem. The pandemic caused a sudden need for digitization which led to the enrichment of cyber and tech platforms. But as everything has returned back to normal, there has been a shift in the market. This has led to a fall in the value of many companies. And a recession is also on its way.
The founder and CEO of Amazon, Jeff Bezos has lost about $65.7 billion dollars so far this year, at one point, he lost $7.5 billion overnight. Google co-founder and board member Sergey Brin lost $38.1 billion this year. The biggest net loss of the year is for the Facebook founder and Meta CEO, Mark Zuckerberg. He lost more than half his wealth, about $87.3 billion. He has also dropped out of the top 10 richest people list. If all these billionaires lost money due to financial crises, the former wealthiest man Bill Gates lost his $27 billion to charity.
