Billionaires Elon Musk and Jeff Bezos Lose $124 Billion in 2022

• A report by Forbes has shown that billionaires, Elon Musk and Jeff Bezos have lost a combined $124 billion in 2022.

• The report also said that the collective fortune of the world’s 50 richest people has dropped by over $500 billion.

• Musk is worth $207 billion today while Bezos’ fortune has crashed to $133 billion.

It’s been a bad year for billionaires as the stock market continues to take a chunk of their fortune. Stock markets are facing some of the worst starts to a year due to rising interest rates and inflation.

A recent report by Forbes has shown that the 50 richest people in the world have lost more than half a trillion since the start of the year. On December 31, these people had a combined wealth of $2.9 trillion but as of today, their cumulative fortune is at $2.9 trillion.

In this go-around of wealth cuts, nobody has suffered more than the two richest men in America, Elon Musk and Jeff Bezos. The fortune of both billionaires has plummeted by a combined $123.6 billion from December 31 to May 20.

Amazon founder, Bezos is $59.3 billion poorer than he was at the start of the year as his fortune has fallen from $197 billion to $133.3 billion. The drastic wealth loss has forced the billionaire out of the top 2 of the world’s richest.

Bezos now sits behind Benard Arnault, the French CEO of luxury empire LVMH. Arnault is worth $144 billion, although he has lost a huge chunk of his fortune.

Read also: Elon Musk caught up in s*x scandal

Last year, Elon Musk briefly became the first person in the world to be worth over $300 billion when Tesla’s market capitalization crossed $1 trillion. The billionaire is down $113 billion from his all-time peak and $64.3 billion since the year started.

Most of Tesla’s CEO’s wealth decline has come in the past 6 weeks. Tesla shares have fallen 35% since April 13, the day before Musk announced his $44 billion takeover of Twitter. The deal to acquire Twitter has been distracting and raised concerns about Musk’s commitment to the electric car company among investors.

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