$100 Billion Gone, And Elon Musk Is Still The Richest Person On Earth

(NewsGlobal.com)- According to the Bloomberg Billionaires Index, Elon Musk is still the richest person in the world, even though his net worth has decreased by $100 billion over the course of this year.

The dip in Musk’s fortune of $100 billion is the index’s single most significant decrease ever recorded.

According to Business Insider, the 51-year-old’s worth reached an all-time high of $340 billion in November of last year, which is now estimated to be worth $169.8 billion.

The majority of Musk’s wealth has been wiped out due to the decrease in the value of Tesla shares. He owns a 15% ownership in the company. Just one day’s trading saw him lose $8.6 billion in wealth due to a decrease in Tesla’s (TSLA) stock. Tesla’s share price is down 58.03 percent.

Musk is $13 billion richer than Bernard Arnault, the chairman of LVMH Moet Hennessy Louis Vuitton, who holds the position of the second richest person in the world.

The irreverent and talented billionaire also overtakes the founder of Amazon, Jeff Bezos, by a margin of $54 billion and the co-founder of Microsoft, Bill Gates, by a margin of $57 billion.

This year, Tesla, along with other Blue Chip and Big Tech firms, has been facing severe selling pressure as a result of fears regarding the possibility of a recession and the Federal Reserve’s continuing hikes in interest rates.

Investors have also been worried about China’s strict zero-COVID policy and how that will impact Tesla’s business in the country. They are also concerned about how Tesla CEO Elon Musk will balance his responsibilities to the electric vehicle manufacturer with his shakeup at Twitter, which he acquired on October 27, 2022, for a price of $44 billion.

Making matters worse, Musk put himself in a risky position by acquiring Twitter. It is thought that Musk overpaid for the platform, forcing him to sell a portion of his Tesla stock to make up the difference in the acquisition price.

Retail investors don’t think highly of Musk’s time fixing Twitter and resolving transition-related problems.