Elon Musk, CEO of Tesla, SpaceX, and Twitter, saw his wealth plummet $100 billion in this year. This is the largest drop ever reported on the Bloomberg Billionaires Index.
After Tesla shares fell to a two-year low Monday, Bloomberg reported that the 51-year-old's net wealth dropped to $170 billion.
Musk owns a 15% stake in Tesla. The decline in Tesla's stock price Monday shaved roughly $8.6 billion from Musk's wealth in one day.
The tech mogul is primarily a shareholder in Tesla, SpaceX and, most recently, Twitter. Bloomberg reports that Tesla shares have fallen around 58.03% over the past year.
Musk is still the world's richest person. His net worth surpasses that of Bernard Arnault, the chairman of LVMH Moet Shennessy Louis Vuitton, by approximately $13 billion according to the Bloomberg Billionaires Index.
The same index also shows that Musk's net worth surpasses that of Bill Gates co-founder Microsoft and Jeff Bezos founders by approximately $54 billion and $57 billion respectively.
The stock price of Tesla has been under pressure due to a wide selloff in tech markets this year, mainly because of concerns about an economic downturn as well as the Federal Reserve's aggressive interest-rate hikes.
Investors are also concerned about Tesla’s business in China. This is due to China's strict Covid zero stance. They also wonder if Musk will be able to concentrate on his role of Tesla CEO, after acquiring Twitter for $44 Billion.
Insider reached out to both Musk and Tesla for comment but they did not immediately reply.