In 2022, the world’s billionaires lost huge sums as tech stock prices took a nosedive fueled by rising interest rates, soaring inflation, and a worsening global economy. Tesla, SpaceX, and newly minted Twitter CEO Elon Musk saw his fortune diminish by $123 billion. According to Bloomberg Billionaires Index, Musk’s net worth has dipped to $148 billion, the lowest value in more than two years. In 2021, Musk was the richest person on the Forbes list. However, the billionaire’s losses in 2022 exceeded his gains in 2021. On October 21, the CEO of Tesla’s net worth took a severe hit. In just 24 hours, his fortune plunged by $7.7 billion after the company’s stock was down by more than 60%. Tesla’s shares decreased after Musk acquired Twitter. According to Bloomberg, Elon Musk follows the leader of the world’s richest people ranks, head of LVMH Bernard Arnault, whose wealth stands at about $161 billion.
