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Even after losing his position as the world’s richest man in the world among other billionaires, Elon Musk is still the richest in America.
Elon Musk recorded the highest losses among other billionaires in America, which also suffered a year of economic downturns, declines, and plunges across different sectors. The continuously rising interest rates coupled with increasing inflation impacted the stock market, the crypto market, and the entire economy. Tech stock slumped during the year as Amazon (NASDAQ: AMZN) gave up all the gain it amassed during the coronavirus pandemic. After seeing exponential growth in 2020 and 2021, the tech giant has dropped nearly 50% since the year began. Indeed, 2022 was such a year, and billionaires globally had a bad one.
Elon Musk Lost the Most among All Billionaires in America
According to Forbes, billionaires worldwide collectively lost almost $2 trillion this year. Compared to other countries, the highest loss was in America, as billionaires combinedly parted with $660 billion, and Elon Musk saw his fortune diminish the most. Forbes revealed that about $115 billion vanished from the Tesla CEO’s net worth. The billionaire sold about $23 billion of Tesla shares in October when he was about to acquire social networking service company Twitter. He needed the funds to complete the purchase, which was worth $44 billion, which he referred to as an “obvious” overpayment.
Even after losing his position as the world’s richest man in the world among other billionaires, Elon Musk is still the richest in America. Forbes noted that the businessman has a network of around $139 billion as of the 27th of December, 2022. Apparently, he fell from being the wealthiest man in the world but maintained the position of the richest man in America. At the same time, Elon Musk lost the most among other billionaires in America in 2022.
Musk’s Actions Since Twitter Takeover
The businessman has effected many changes on Twitter since he took over. In addition to laying off some workers, he implemented some policies and revamped others. Musk recently spoke about stepping down as the CEO if he finds someone “foolish enough to take the job.” If the billionaire resigns, many people have indicated their willingness to take over his role. Some interested persons include MIT artificial intelligence researcher Lex Fridman and popular stock broker Peter Schiff. As for Schiff, he said he would take the job if only he is permitted to work from home.
While Musk’s net worth took the biggest hit this year, other billionaires also lost large percentages of their valuations. First is Amazon’s founder Jeff Bezos who is currently worth $80 billion. Bezos parted with $80 billion in 2020, Mark Zuckerberg lost around $78 billion, and Google co-founder Larry Page saw $40 billion vanish from his wealth. In addition, Nike chairman Phil Knight and Leonard Lauder of Estée Lauder Companies shed $18.3 billion and $9.8 billion, respectively.