Elon Musk loses $115 billion in 2022, more than any other ultra-rich person

Elon MuskThe new owner and operator of social media platform Twitter and the chief executive of an automaker TeslaThis year, he has lost more wealth than any other billionaire.

More than $115 billion evaporated from the entrepreneur’s coffers since the beginning of the year, according to an estimate Forbes, mainly because Tesla stock prices have fallen 67% in the past year, which is why Forbes ranked him as the richest person in the world.

Musk’s acquisition of Twitter and his efforts to make the media aware of it generated many headlines this year. censorious actions Ex-management. Evidence exists that reforms were made at the social media company. producing ire among Democratic-leaning customers at Tesla, impacting the brand’s value and thereby leading to hesitance Among investors.

The world’s second-richest man has remarked He says he oversees Tesla, SpaceX and other companies. “are so good that often little is needed” You can get it from him.

Left-wing lawmakers have made Musk the object of ridicule, often because they don’t like him. accuse He has been accused of not paying his fair share of taxes, despite the $11 million check he wrote for the government last fiscal year. The multibillionaire previously moved Tesla’s headquarters to Texas after antagonism from officials in California, where Musk said he grew increasingly frustrated Because of government lockdowns, he was unable to reopen his businesses in the spring 2020.

A number of prominent billionaires lost their status in this year’s financial crisis. After Ye’s death, a number of brands severed ties to Ye, also known as Kanye West. made Anti-Semitic comments and praise for Nazi dictator Adolf Hitler were made while Sam Bankman-Fried, former CEO of FTX, was leading the cryptocurrency empire evaporated After users discovered that the founder of Alameda Research had mixed funds between the digital asset trading platform and the trading firm Alameda Research, they were shocked to learn.

American billionaires lost $660billion, surpassing the losses of the ultra-rich citizens in other countries. Amazon founder Jeff Bezos was unable to make $80 billion; Sergey Brin and Larry Page, Google co-founders, lost $40 billion each; and Meta chief executive Mark Zuckerberg lost $78 million. The losses, like Musk’s, were primarily due to poor stock performance.

Even though the United States suffered losses of $620 billion, they were more than those suffered by Chinese moguls. However, these individuals have lost the most in percentage terms due to economic pressures imposed on the nation by harsh lockdown policies. resultant exodus Foreign manufacturers. Jack Ma, Alibaba co-founder and one of the biggest Chinese billionaires, suffered the greatest losses. He saw $13 billion disappear in this year.

Russia’s billionaires lost $470 billion when the country invaded Ukraine. This led many foreign countries to introduce new sanctions. However, several billionaires in developing countries had a blockbuster year: Indonesian coal magnate Low Tuck Kwong gained $16 billion while Indian industrialist Gautam Adani gained over $55 billion, rendering him the world’s third-richest man.

Even outside of the global elite, wealth has fallen as the global economy suffered from runaway inflation, geopolitical turmoil and persistent supply chain disruptions. According to the CIA, Americans who are saving for retirement saw their IRA balances drop by 25% on average over the third quarter. However, their 401(k), which had a 23% decrease, dropped 23%. research Fidelity Investments

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