Elon Musk loses $140 billion, Jeff Bezos and Changpeng Zhao are not far behind

Elon Musk, Changpeng Zhao or Jeff Bezos? Here’s who lost the most wealth during this tumultuous year

Elon Musk is the person who lost the most wealth this year, according to data from the Bloomberg Billionaires Index. Since January, the tech mogul “has become poorer” by $140 billion and now ranks second on the list of the world’s richest people.

Elon Musk
Image by @Schuldensuehner

By the end of 2021, Elon Musk’s fortune had nearly reached $300 billion. However, he lost the majority of his fortune due to a rapid drop in Tesla’s stock. The stock’s poor performance can be attributed to concerns about Musk’s commitment to running Tesla (after the $44 billion acquisition of Twitter) as well as concerns about a coming recession in 2023 and high interest rates that make growth stocks like Tesla much less attractive.

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Bernard Arnault, co-founder and CEO of LVMH, is now $20 billion richer than Elon Musk, making him the richest living person.

Elon Musk has suffered financial losses that are almost twice as much as Jeff Bezos, the founder of Amazon, who came in second and lost $86 billion.

Crypto-currency tycoon Changpeng Zhao came in third with a loss of $84 billion. According to Bloomberg, CZ’s fortune is estimated to be around $11.7 billion.

Changpeng Zhao is reportedly under investigation by European and U.S. authorities who accuse his company of facilitating money laundering. Several prosecutors are reportedly ready to file criminal charges against the crypto-currency mogul, but no final decision has been made at this time.

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