Elon Musk’s wealth drops by $100 billion in 2022

Elon Musk’s personal wealth was dropped by more than $100 billion in 2022 as of Monday this week.

As reported, the losses are the result of a sharp drop in Tesla’s share price, which is down 52% this year. Musk owns a 23% stake in Tesla via stock and vested stock options despite selling shares worth $19 billion this year.

However, he still remains the richest person in the world with a fortune of $169.8 billion.

Tesla is facing difficulties due to economic recession, covid-19 restrictions in China and supply chain problems in the US.

Elon Musk recently bought Twitter for $44 billion and subsequently laid off 60 percent of its staff.

Read more: Elon Musk warns of Twitter bankruptcy as chaos deepens after key executives quit

According to experts, the economic recession will prove to be disastrous for Tesla vehicles and it will also affect Elon Musk’s assets.

His assets reached a record high of $340 billion in November last year, meaning his wealth has fallen by nearly 50 percent in a year.

The second richest man in the world, Bernard Arnault, owns $157 billion and may soon push Elon Musk down.

Bernard Jean Étienne Arnault is a French business magnate, investor, and art collector. He is the co-founder, chairman, and chief executive of LVMH Moët Hennessy, Louis Vuitton SE, the world’s largest luxury goods company.