The net worth of Elon Musk, the CEO of Tesla, SpaceX and Twitter, has declined significantly over the past year following a collapse in Tesla’s share price over the past 12 months, according to the Yahoo Finance website, cited by Agerpres.

According to the ranking of billionaires compiled on Tuesday by the Bloomberg agency, Musk’s fortune has decreased by at least 100.5 billion dollars this year, but he remains the richest person in the world with a fortune of 169.8 billion dollars.

The second richest person in the world remains Bernard Arnault, the owner of LVMH (Louis Vuitton Moët Hennessy) – the largest group of luxury goods in the world, with a fortune of 157 billion dollars.

However, it is possible that Arno will overtake the South African billionaire in the rankings in the coming period, if the current downward trend in US prices for “growth stocks”, actions based on constant growth, continues in the context that the main producers of luxury goods do not seem to be affected historical inflation in many developed countries and have record incomes.

Last spring, Bernard Arnault briefly became the world’s richest man, eclipsing Jeff Bezos, the world’s billionaire leader, when Elon Musk was in third place.

Elon Musk suffered from the collapse of Tesla shares

But 12 months ago, when tech stocks were soaring, it was a different story for Musk, CEO and largest shareholder of Tesla, the world’s most valuable electric car maker.

When Tesla shares peaked at $410 in November 2021, Musk was worth $340 billion, according to Bloomberg estimates.

But since then, Tesla’s stock price has fallen more than 59% as fears of a recession, slowing demand for electric vehicles and Musk’s decision to buy social network Twitter undermined investor confidence.

In addition, the recall has hurt Tesla’s growth prospects. Musk owns about 15% of Tesla, and any significant drop in the stock affects his fortunes.

Elon Musk and Mark Zuckerberg are the billionaires who lost the most money in 2022

Elon Musk didn’t have a great year as he lost more money than any other billionaire.

For comparison, the $100.5 billion that Musk lost in recent months exceeds the combined fortunes of Larry Ellison ($94.7 billion), Larry Page ($89.8 billion), Mukesh Ambani ($88.9 billion) and Steve Ballmer ($87 .3 billion), billionaires who occupy the 7th, 8th, 9th and 10th positions in the Bloomberg rating.

Another big loser in 2022 was Facebook/Meta CEO and founder Mark Zuckerberg, whose fortune fell by $83.5 billion this year.

Changpeng Zhao, CEO of crypto trading platform Binance, lost $81.9 billion due to turbulence in the cryptocurrency sector.