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Tesla Inc TSLA and Twitter CEO Elon Musk is no longer the richest man in the world, although he’s still worth more than several billionaires combined.
What Happened: With the drop in the price of Tesla stock in 2022, Musk is no longer the richest person in the world. Musk was recently knocked to second place by LVMH LVMUY CEO Bernard Arnault.
Musk is now worth $161 billion as of the time of writing, a drop of $110 billion for the year.
The loss in his net worth comes as Tesla shares are down 62% year-to-date. The stock makes up a large portion of Musk’s wealth, along with ownership stakes in Twitter, SpaceX and other companies.
A look at the Bloomberg Billionaires Index shows that Musk at $161 billion is still worth more than Amazon.com Inc AMZN founder Jeff Bezos ($112 billion) and Meta Platforms Inc META co-founder Mark Zuckerberg ($44.2 billion) combined.
One reason is that Zuckerberg and Bezos experienced similar drops in the share prices of the companies they founded.
Meta Platform shares are down 64% year-to-date and Zuckerberg has one of the biggest drops on the year, down $81.3 billion.
Amazon shares are down 48% and Bezos has seen his wealth drop by $80.7 billion in 2022.
Related Link: Elon Musk Takes Over Twitter: Who’s In Charge, Who’s Gone And What Happens To The Stock
Why It’s Important: In 2021, Musk’s wealth was flying high, with the Tesla CEO worth $287 billion in October 2021. At that time, Benzinga shared that Musk was worth more than the valuations of every MLB, NBA, NFL and NHL team combined.
Musk was also worth more than Bill Gates and Warren Buffett combined in late 2021. Now, Musk finds himself worth $47 billion more than Gates and $56 billion more than Buffett.
While Musk is no longer the richest person in the world, he remains incredibly wealthy.
Only one person in the top ten of the Bloomberg Billionaires Index has grown their net worth in 2022. That was Indian industrialist Gautam Adani, who has seen his net worth rise by $47 billion dollars this year to $124 billion.
Read Next: Here’s How Much Tesla Stock Elon Musk Owns After Latest Sale
Photo: Created with images from Tesla Owners Club Belgium
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Image and article originally from www.benzinga.com. Read the original article here.