Billionaires had a bad year.
Overall, the world’s billionaires lost nearly $2 trillion combined in 2022, according to Forbes. Billionaires across the United States lost a combined $660 billion, the most of any country, according to Forbes, as tech stock prices fell, driven by rising interest rates, rising inflation and the deteriorating economy.
Among US billionaires, Tesla, SpaceX and new Twitter CEO Elon Musk have seen their fortunes fall the most. Musk’s net worth has fallen by about $115 billion this year, according to Forbes.
In October, when Musk bought Twitter for $44 billion, he sold about $23 billion worth of Tesla stock to finance the acquisition. He has since acknowledged that the deal was an “obvious” overpayment. Recently he confirmed his plans to step down as CEO from the social media platform once he has found a suitable replacement.
Tesla’s stock price is down nearly 70% year-to-date, through December 27. Longtime Tesla investors are calling on the board to get Musk to refocus on the electric car company.
Although Musk lost his spot as the richest person in the world this year, he remains the richest person in the United States, with a net worth of nearly $139 billion per year. December 27, according to Forbes.
And while Musk is “the biggest loser in 2022,” according to this publication, he’s not the only billionaire whose net worth has taken a hit. Here’s how much five other American billionaires lost in 2022, according to Forbes.
1. Jeff Bezos
Title: Founder and Chairman, Amazon
Estimated loss in 2022: -80 billion dollars
Net worth: 106.8 billion dollars until 27 December
2. Marc Zuckerberg
Title: Co-founder, Meta Platforms (parent company of Facebook)
Estimated loss in 2022: -78 billion dollars
Net worth: 42.7 billion dollars until 27 December
3. Larry Page
Title: Co-Founder and Board Member, Google
Estimated loss in 2022: -40 billion dollars
Net worth: 76.8 billion dollars until 27 December
4. Phil Knight
Title: Chairman, Nike
Estimated loss in 2022: -$18.3 billion
Net worth: 45.2 billion dollars until 27 December
5. Leonard Lauder
Title: Chairman Emeritus, The Estée Lauder Companies
Estimated loss in 2022: -9.8 billion dollars
Net worth: 22 billion dollars until 27 December
Some high-profile tycoons disappeared entirely from the 2022 billionaires list. Rapper Kanye West, who now goes by Ye, dropped from the ranks after Adidas cut ties with him on Oct. 25 amid his anti-Semitic remarks, e.g.
And Sam Bankman-Fried went from Fortune magazine cover star to criminal. The founder and former CEO of cryptocurrency trading platform FTX, who is now facing fraud charges, saw his net worth drop by billions after FTX filed for bankruptcy on November 11.
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