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America’s richest lost $660 billion collectively in 2022 — Elon Musk lost the most

Posted on AllSides December 27th, 2022
From The Center
Win Mcnamee | Getty Images News | Getty Images

Billionaires have had a bad year.

Globally, the world’s billionaires lost nearly $2 trillion, combined, in 2022, according to Forbes. The United States’ billionaires lost $660 billion collectively, the highest of any country by Forbes’s count, as tech stock prices took a nosedive fueled by rising interest rates, soaring inflation and a worsening economy.

Of America’s billionaires, Tesla, SpaceX, and newly minted Twitter CEO Elon Musk saw his fortune diminish the most. Musk’s net worth dipped by about $115 billion this year, according to Forbes.

In October, when Musk bought Twitter for $44 billion, he...

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