--- title: "Elon Musk Has Officially Lost $69 Billion This Year" description: "Wipeout The net worth of Tesla CEO Elon Musk has fallen by staggering amounts —  just over $69 billion (nice) year to date, according to Bloomberg‘s Billionaire Index — making the richest man in the world substantially less rich. While that’s a princely sum, far more than what’s needed to tackle a world hunger crisis, […]" date: "2022-05-23" modified: "2022-05-23" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/elon-musk-lost-69-billion" categories: - "Elon Musk" - "Future Society" - "The Industrialists" tags: - "elon musk" - "the digest" - "twitter" --- # Elon Musk Has Officially Lost $69 Billion This Year ![The net worth of Tesla CEO Elon Musk has fallen by staggering amounts —  just over $69 billion year to date, according to Bloomberg's Billionaire Index.]() *\Image: PATRICK PLEUL/POOL/AFP via Getty Images\* ## Wipeout The net worth of Tesla CEO Elon Musk has fallen by a staggering amount — just over $69 billion so far this year, according to [*Bloomberg*'s Billionaire Index]() — making the wealthiest man in the world substantially less wealthy. While that's a princely sum, and far more than what's [needed to tackle a world hunger crisis](), Musk has yet to lose the crown of being the richest of the rich. And, for what it's worth, his total net worth of over $200 billion is still significantly higher than Amazon founder and [chief social rival]() Jeff Bezos' net worth of $131 billion, according to the Index. ## Tesla Drop There are a number of reasons that Musk's ventures have had a terrible year so far — after all, the vast majority of his net worth is tied up in the various companies he runs, most notably Tesla. The net worth of the electric car company has [plummeted by $49 billion]() since [Musk offered to buy Twitter]() for $44 billion, which has turned into an ongoing media circus of epic proportions, with Musk [seemingly getting cold feet]() as of late. Tesla's crash alone wiped out $12.3 billion from the CEO's net worth, [according to *Fortune*](). It's not just his highly controversial and messy bid to take over Twitter causing him trouble. A [shocking new report by *Insider*]() claims Musk's space venture SpaceX had to settle a $250,000 [sexual misconduct claim]() made against Musk by a flight attendant, adding to the general sense that things aren't going well for the mercurial entrepreneur. ## Lines in the Sand Musk denied the allegations and [pledged allegiance to the Republicans](), painting a significant target on his back and potentially driving a wedge between himself and many of his supporters. While Tesla shares have rebounded slightly, they have yet to recover to anywhere near where they were before Musk announced he wanted to buy Twitter. The free-spoken billionaire has drawn lines in the sand. The Twitter deal is certainly still on the table, whether Musk likes it or not. The sexual misconduct allegations will only add to making this spring particularly difficult to navigate for the entrepreneur. But at the same time, the whole crisis seems exacerbated by his own actions. **READ MORE:** [Elon Musk lost $10 billion in net worth in a single day after sexual misconduct claims emerged]() \[*Insider*\] **More on Musk:** *[Tesla Driver Briefly Trapped in Burning Car, Kicks Out Window]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()