Elon Musk's Net Worth Increases by $21 Billion as Tesla Stock Soars 11% in Tech Rebound
The world's 10 richest people have seen their net worths plummet by a combined $100 billion this year, with Musk's alone down almost $30 billion.
The rise in Musk's net worth comes after Tesla stock jumped 11% on Monday in a rebound for technology companies that have already suffered major losses in 2022. Deutsche Bank's Jim Reid, head of thematic research, told Marketwatch that this year has been "a perfect negative storm for tech," as investors prepare for the Federal Reserve to raise interest rates.
The world's top 10 richest people have seen their net worths plummet by a combined $100 billion this year, with Musk's alone down almost $30 billion. But with the tech-heavy Nasdaq 100 index's 3.29% climb, that top-10 group, which includes Jeff Bezos, Bernard Arnault, Bill Gates and Larry Page, has recouped $44 billion, and Musk's net worth currently sits at $242 billion.
Warren Buffett is the only centibillionaire in the world's top 10 to see an increase in net worth in January of 2022, as investors offloaded risky assets and put their money into "real-economy businesses." Buffett's conglomerate holding company Berkshire Hathaway owns Geico, See's Candies and the Burlington Northern Railway, among others, and also holds multibillion-dollar stakes in companies like American Express, Bank of America and Coca-Cola.
In November of 2021, Musk made headlines for selling off billions of dollars of Tesla stock. Musk owns 18% of Tesla, the world's most valuable car company, and when its stock hit $1,200 in November of 2021, the CEO's net worth soared to a record-high $340 billion.
Entrepreneur Editors' Picks
Tory Burch Built a Brand Around Empowering Women. Now Her Foundation Is Furthering Her Mission: 'How Do We as a Company Have a Positive Impact on Humanity?'
This Founder Had to Play College Basketball in Men's Shorts and Shoes, So She Launched an Athletic Clothing Company Named After the Now 50-Year-Old Title IX Act
Is Beyoncé's 'Break My Soul' the Theme Song of the Great Resignation?
You're Probably Falling for All of Amazon Prime Day's Psychological Sales Tactics. A Marketing Professor Reveals Them — and How You Can Actually Get the Best Deal.
Comedian Paul Virzi: 'If You're Not Authentic, You Have Nothing'
Struggling to Come Up With Creative Ideas? Try Doing This.
Picking a Winning Emerging Brand Is How You Get Rich in Franchising. Here's How to Spot One.