It has been a bad year for billionaires.
According to Forbes, the world's billionaires lost $2 trillion in a single year. Tech stock prices took a nosedive as rising interest rates, soaring inflation and a worsening economy caused the United States' billionaires to lose $660 billion.
The fortunes of America's billionaires, including Musk, decreased the most. According to Forbes, Musk's net worth decreased this year.
Musk sold off about $23 billion of his stock in order to fund the acquisition. He admitted that the deal was an overpayment. He confirmed that he would step down as CEO of the social media platform once he found a replacement.
The stock price of the company is down 70% so far this year. The board of directors should get Musk to focus on the electric vehicle company, according to longtime investors.
According to Forbes, Musk is still the wealthiest person in the US with a net worth of $139 billion.
According to that publication, Musk is the biggest loser of the year, but not the only one. According to Forbes, five U.S. billionaires lost a lot of money in the year 2000.
The founder and chair of Amazon had an estimated net worth of $106 billion at the end of the year.
Meta Platforms is the parent company of Facebook.
The co-founder and board member of the company had an estimated net worth of $76.8 billion at the end of the year.
Net worth as of December 27 was $45.2 billion.
The Estée Lauder Companies had an estimated net worth of $22 billion at the end of the year.
The billionaires list has some high-profile moguls on it. Adidas cut ties with the rapper after he made anti-Semitic comments.
Sam Bankman- Fried used to be a Fortune magazine cover star. After FTX filed for bankruptcy, the founder and former CEO of the platform saw his net worth plummet.
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