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

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.

Elon Musk and Jeff Bezos

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.

Elon Musk

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.

Follow on our social media handles FacebookInstagram, and Twitter to keep up with trending news and entertainment gist.

Show More

Related Articles

Back to top button