Home / News / Musk Lost $100 billion this year, but he remains the richest person in the world.

Musk Lost $100 billion this year, but he remains the richest person in the world.

In less than a year, Elon Musk is said to have lost more than $100 billion. But try not to feel too sorry for this multi-billionaire; he still holds the title of richest person on Earth, with nearly $50 billion more than Jeff Bezos, creator of Amazon. tough times, huh?

According to Forbes, Musk’s net worth dropped to just $209.4 billion last Thursday, nearly a 35 percent decline from his $320.3 billion peak on November 4, 2021. Although his bank account has increased to $219 billion as of October 26, he is still more than $100 billion below his previous peak.

Musk just sold over $7 billion worth of Tesla stock to pay for his highly publicized Twitter partnership. After a protracted and rocky process, he is finally close to completing the agreement, and even Elon Musk has acknowledged that he is overpaying for the social networking platform.

But his relative misfortune is inextricably linked to the emerging global economic slump. Many IT stocks have plummeted this year, which is one of many warning indicators that the globe is entering yet another recession.

Many believe that Musk’s expensive cars won’t sell as well if a recession occurs because Tesla’s new car facilities in Texas and Berlin are already losing billions of dollars.

Musk is hardly the only obscenely wealthy person feeling the effects of the global economic crisis. In 2022, the personal fortune of Meta ruler Mark Zuckerberg had fallen by $71 billion.

Once more, dear old Zuck won’t have to worry about turning on the heat this winter. Despite falling from fourth place at the beginning of the year to twentieth place, he still has a $54 billion overall net worth.

About Chambers

Check Also

California’s Ghost Lake resurfaces briefly before disappearing once more

Last year, Tulare Lake resurfaced in the San Joaquin Valley after being absent for 130 …