'A lot of problems will happen in 2022, plus there will be a recession in 2023.'
It turns out that 2022 does not belong to billionaire Elon Musk as he has experienced a decline in the value of his wealth of $130 billion so far.
When looking at the Bloomberg Billionaires Index today, Musk's wealth is at $170 billion while on the Forbes Today's Winner and Loser chart, he is the billionaire with the most losses today at $8.1 billion.
It is understood that in the last 12 months Musk's wealth has shrunk after he was involved in the $44 billion acquisition of social media company Twitter Inc.
The issue is also related to the electric car (EV) company Tesla Inc where he is said to have sold part of his holdings to finance the acquisition.
Based on that factor, Tesla's own share value has declined severely behind internal issues such as the company's recall of a total of 321,000 EVs due to lighting problems including lawsuits in court regarding Twitter.
In the meantime, the year 2022 is seen as very challenging for millionaires with most of them experiencing losses due to geopolitical turmoil and inflationary pressures that lead to higher interest rates.
In 2nd place, Bernard Arnault suffered a loss of $21.5 billion while Jeff Bezos in the 4th place lost $76.7 billion while Bill Gates and Warrant Buffett fell to $76.7 billion and 25.3 billion.
Meanwhile, Malaysian billionaire Robert Kuok is in 96th position with a decline in wealth value of 15.5 billion, down 2.80 billion so far this year.
