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HomeNewsBusinessAll American millionaires lost money in 2022, but Elon Musk worst off

All American millionaires lost money in 2022, but Elon Musk worst off

Billionaires had a difficult year.

Elon Musk, the recently appointed CEO of Twitter, SpaceX, and Tesla were the billionaires in America who saw their wealth decline the greatest. According to Forbes, Musk’s net worth decreased by around $115 billion this year.

According to Forbes, the cumulative losses of the world’s billionaires in 2022 were close to $2 trillion. According to Forbes, American millionaires lost $660 billion collectively as tech stock values plummeted as a result of rising interest rates, skyrocketing inflation, and a deteriorating economy. This loss was the largest of any nation.

When Musk paid $44 billion for Twitter in October, he raised the money by selling $23 billion worth of Tesla stock. He has later admitted that this transaction involved a “obvious” overcharge. His intention to leave his position as CEO of the social media network once he finds a competent successor was recently disclosed.

Although Musk lost the title of world’s richest person this year, Forbes estimates that his net worth as of Dec. 27 was close to $139 billion, making him the richest American.

As of December 27, the stock price of Tesla had fallen by about 70% for the year. Longtime Tesla investors are urging the company’s board of directors to persuade Musk to return his attention to the maker of electric vehicles.

Musk is not the only billionaire whose net worth decreased, yet this publication calls him “the biggest loser of 2022.” According to Forbes, five additional American millionaires lost the following amount in 2022.

In 2022, a few well-known businessmen completely vanished from the list of billionaires. Rapper Kanye West, now known as Ye, dropped out of the spotlight when Adidas severed their relationship with him on October 25 due to his persistent anti-Semitic rants, for instance.

Sam Bankman-Fried also went from being the cover star of Fortune magazine to a possible felon. After FTX declared bankruptcy on November 11, the company’s founder and former CEO, who is now facing fraud charges, suffered a massive decline in his net worth.

News Summary:

  • All American millionaires lost money in 2022, but Elon Musk worst off
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