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May 20, 2022, 8:16 a.m. EDT

The billionaires are bleeding. Elon Musk, Jeff Bezos and other top earners have lost nearly $200 billion in 2022.

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By Barbara Kollmeyer

Get the hankies ready.

The world’s top billionaires lost more than $40 billion as markets cratered on Wednesday, according to Bloomberg’s Billionaire’s Index , a daily ranking of the world’s wealthiest.

Still at the top of that list is Tesla’s /zigman2/quotes/203558040/composite TSLA +2.55% chief executive officer, Elon Musk, who lost the most of 500 billionaires. Musk shed $12.3 billion of his personal fortune as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.42% and S&P 500 /zigman2/quotes/210599714/realtime SPX +0.16% saw their worst days in two years.

Musk has been pursuing a $44 billion deal for Twitter /zigman2/quotes/203180645/composite TWTR +0.39% , arguing with the social-network service’s CEO Parag Agrawal about spam bots, in what may be a bid to get a cheaper deal or walk away from it all together. Wednesday’s batch of Musk tweets, in which he vowed to vote Republican in the next election and decried the S&P ESG index as a scam after the index dumped Tesla, drew wide attention.

Tesla’s stock-price target was slashed by Wedbush on Thursday, as the analyst citing a “circus show” over Twitter and headwinds from China’s COVID battle. Since the deal was announced on April 25, Tesla has dropped 28%, though that has come amid hefty marketwide losses this year with the S&P 500 flirting with a formal bear market.

Market Extra: How long does the typical bear market last?

Dry those crocodile tears, though, as Musk is still worth $210 billion, even if he’s lost $60.4 billion so far this year.

Just behind Musk is Amazon.com /zigman2/quotes/210331248/composite AMZN +3.60% founder and former CEO Jeff Bezos, whose Wednesday losses came in at close second, with a $8.48 billion drop leaving his fortune at $131 billion. Amazon shares have fallen 35% so far this year, taking a hit from last month’s first reported quarterly loss in seven years . On a year-to-date basis, Bezos has lost $61.6 billion.

No. 3 on the ultrawealth list, Bernard Arnault, chairman and chief executive of French luxury-goods giant LVMH Moët Hennessy /zigman2/quotes/206499835/delayed IT:LVMH +2.09% , lost $3.15 billion on Wednesday and has seen his fortune dwindle by $52 billion this year, to $126 billion.

Microsoft /zigman2/quotes/207732364/composite MSFT +1.26% co-founder Bill Gates lost $2.19 billion on Wednesday and is $19.4 billion poorer for the year so far. His wealth stands at $119 billion, while Berkshire Hathaway’s /zigman2/quotes/208872451/composite BRK.A -0.48% /zigman2/quotes/200060694/composite BRK.B -0.65% chairman and CEO, Warren Buffett, saw $2.74 billion wiped off his fortune, though he’s gained $2.17 billion in 2022. Buffett is presently worth $111 billion.

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 699.20
+17.41 +2.55%
Volume: 28.26M
July 5, 2022 4:00p
P/E Ratio
94.87
Dividend Yield
N/A
Market Cap
$706.34 billion
Rev. per Employee
$626,347
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
30,967.82
-129.44 -0.42%
Volume: 328.20M
July 5, 2022 5:04p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,831.39
+6.06 +0.16%
Volume: 2.51B
July 5, 2022 5:04p
loading...
/zigman2/quotes/203180645/composite
US : U.S.: NYSE
$ 38.38
+0.15 +0.39%
Volume: 8.16M
July 5, 2022 4:04p
P/E Ratio
168.19
Dividend Yield
N/A
Market Cap
$29.22 billion
Rev. per Employee
$698,993
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/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 113.50
+3.94 +3.60%
Volume: 76.68M
July 5, 2022 4:00p
P/E Ratio
54.74
Dividend Yield
N/A
Market Cap
$1114.71 billion
Rev. per Employee
$297,107
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/zigman2/quotes/206499835/delayed
IT : Italy: Milan
586.40
+12.00 +2.09%
Volume: 69.00
July 6, 2022 10:57a
P/E Ratio
24.55
Dividend Yield
1.71%
Market Cap
€294.87 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 262.85
+3.27 +1.26%
Volume: 22.97M
July 5, 2022 4:00p
P/E Ratio
27.42
Dividend Yield
0.94%
Market Cap
$1941.41 billion
Rev. per Employee
$1.06M
loading...
/zigman2/quotes/208872451/composite
US : U.S.: NYSE
$ 413,844
-2,006 -0.48%
Volume: 2,562
July 5, 2022 4:05p
P/E Ratio
7.42
Dividend Yield
N/A
Market Cap
$612.01 billion
Rev. per Employee
$758,884
loading...
/zigman2/quotes/200060694/composite
US : U.S.: NYSE
$ 275.69
-1.81 -0.65%
Volume: 3.68M
July 5, 2022 4:03p
P/E Ratio
7.42
Dividend Yield
N/A
Market Cap
$612.01 billion
Rev. per Employee
$758,884
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