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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.

By Amanda Breen

entrepreneur daily

Tesla and SpaceX CEO Elon Musk, currently the richest man in the world by a wide margin, got $21.4 billion richer on Monday, per Bloomberg's Billionaires Index.

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.

Related: Why is Elon Musk So Successful? It All Comes Down to These 5 Key Personality Traits

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.

Related: Elizabeth Warren: Elon Musk Prefers Insults to Tax Discussion

Amanda Breen

Entrepreneur Staff

Senior Features Writer

Amanda Breen is a senior features writer at Entrepreneur.com. She is a graduate of Barnard College and received an MFA in writing at Columbia University, where she was a news fellow for the School of the Arts.

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