The fortune of Elon Musk, the CEO of Tesla fortune dipped to $224 billion by the end of last week, shedding almost $8 billion, as reported by the Bloomberg Billionaires Index.
Musk wasn't the sole loser among the global billionaires. The top 5 billionaires saw their losses range from $2 billion to $8 billion each over the past week, amidst successive warnings from Wall Street giants about potential stock market downturns.
These declines were primarily driven by the US Federal Reserve's continued policy of monetary tightening in the past weeks, with indications of further hikes.
Despite the recent losses for billionaires, this year has witnessed a meteoric rise in their fortunes, with the top 10 billionaires amassing gains exceeding $397 billion in total value.
Musk has been the biggest wealth gainer since the beginning of the year, riding the skyrocketing Tesla stock to accrue over $87 billion in wealth.
His rival, Facebook's founder Mark Zuckerberg, claimed the second-highest gains among billionaires, accumulating a staggering $64.1 billion, propelling his wealth to $110 billion.
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