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Dogecoin Fan Elon Musk Takes $140 Billion Plummet, Jeff Bezos and CZ Not Far Behind

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Wed, 28/12/2022 - 6:50
Dogecoin Fan Elon Musk Takes $140 Billion Plummet, Jeff Bezos and CZ Not Far Behind
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Elon Musk is the person who has lost the most wealth this year, according to data from the Bloomberg Billionaires Index. Since January, the tech mogul has become $140 billion poorer and is now in second place on the list of the world's richest people.

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In late 2021 Elon Musk's net worth almost reached $300 billion. However, he has lost the majority of his fortune due to a rapid decline in the shares of Tesla. The stock's dismal performance can be attributed to concerns related to Musk's commitment to running Tesla (following his $44 billion acquisition of Twitter) as well as worries about an upcoming recession in 2023 and high interest rates that are making growth stocks like Tesla far less appealing.

Bernard Arnault, co-founder and CEO of LVMH, is now $20 billion richer than Musk, which makes him the wealthiest person alive. 

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Musk has suffered financial losses that are almost twice that of second-place finisher and Amazon founder Jeff Bezos who lost $86 billion. 

Cryptocurrency mogul Changpeng Zhao comes in third place with an astonishing $84 billion loss. According to Bloomberg, CZ's estimated wealth stands at around $11.7 billion.

CZ is reportedly under investigation by European and American authorities who are accusing his company of facilitating money laundering. As reported by U.Today, several federal prosecutors are rumored to be ready to bring criminal charges against the cryptocurrency mogul, but no final decision has been made for now.   

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