Elon Musk’s wealth has fallen $100.5 billion so far in 2022, per Bloomberg Billionaires Index.
Even so, Musk is still the world’s richest person with a fortune of $169.8 billion.
Musk has Tesla’s nosediving share price to thank for his declining wealth.
Elon Musk, the CEO of Tesla, SpaceX and now Twitter, has seen his wealth plunge almost $100 billion this year, the steepest drop ever reported on .
The 51-year-old’s net worth — which — took a nosedive on Tuesday to its lowest point in 2022 at around $170 billion, after hit a two-year low on Monday, reported.
holds an around 15% stake in Tesla and the decline in the electric vehicle maker’s stock price on Monday shaved around $8.6 billion off Musk’s wealth in just one day.
The tech mogul draws most of his wealth from the stocks and ownership of Tesla, SpaceX, and most recently Twitter, per have plummeted around 58.03% year to date.
Even so, Musk remains the world’s richest person, as his net worth beat that of runner-up Bernard Arnault — the chairman of the world’s largest maker of luxury goods, LVMH Moet Hennessy Louis Vuitton — by roughly $13 billion, per the .
According to the same index, Musk’s net worth also eclipses that of Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates, by roughly $54 billion and $57 billion, respectively.
Tesla’s stock price has been under pressure this year amid a broad selloff in the tech markets due to concerns of an economic downturn and on the back of the Federal Reserve’s aggressive interest rate hikes.
Investors are also worried about , amid the country’s strict Covid-zero stance and whether on his role as Tesla CEO after acquiring Twitter for $44 billion.
Both Musk and Tesla did not immediately respond to Insider’s requests for comment.