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