Musk lost his title of the world’s richest person to fashion titan Bernard Arnault (Picture: Getty Images)
Last year doesn’t appear to have been the greatest year for Elon Musk after it emerged that he lost $200 billion of his fortune.
For four years he held the title of world’s richest man after overtaking Amazon’s Jeff Bezos.
But towards the end of 2022 he slipped down the rankings and lost his title of the world’s richest person to fashion titan Bernard Arnault, according to Forbes’ real-time wealth tracker.
Before you start feeling too sorry for him, the Tesla, SpaceX and Twitter boss is still worth around $140 billion.
2022 might not be the greatest year for Elon Musk, with the billionaire losing more than $200 billion of his fortune (Picture: Getty Images)
Things seemed to take a turn for the worse after he bought Twitter plummeting to $137 billion (£165 billion) and with the value of his stake in Tesla tumbling.
Just this year, Musk sold nearly $40 billion worth of Tesla shares, leaving investors unhappy.
Musk made his debut on the Forbes list of billionaires in 2012 with an estimated net worth of $2 billion.
Currently, SpaceX is his most valuable company in which he has a $44.8 billion stake.
Meanwhile, Tesla is offering American buyers a $7,500 discount on some of its models, and the company is reportedly reducing production at its Shanghai facility.
The billionaire maintains that Tesla is ‘executing better than ever’ and blames the Federal Reserve for raising interest rates.
Besides Tesla and Twitter, where Musk’s management and tweets are attracting political attention and blowback, he also heads rocket company SpaceX and Neuralink, a startup developing interfaces to connect the human brain to computers.
In November, Musk hinted at the possibility of Twitter going bankrupt.
Musk is not the only tech billionaire whose fortune is shrinking. Tech moguls lost a combined £344 billion in 2022.
Bezos lost $84 billion (£70 billion) and Facebook’s Mark Zuckerberg, who is pushing ahead with his plans to forge the ‘metaverse’ lost $81 billion (£67 billion).
While Zuckerberg used to rank consistently in the top 10 wealthiest people on the planet, he’s now down at around number 25.