Musk lost 20 billion dollars in one year

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Last year, in the aftermath of the global asset market plunge, the wealth of Tesla CEO Elon Musk, who was once the world’s richest man, decreased by 20 billion dollars (approximately 254 trillion won) in one year. He is also the first person to lose $20 billion in one year.

The Wall Street Journal (WSJ) of the United States predicted on the 3rd (local time) that if there is an economic recession this year, even the high-income class, including the super-rich like Musk, will suffer huge losses.

According to the US central bank’s Federal Reserve System (Fed), in the third quarter of last year (July-September), the wealth of households in the top 5th quintile (20%) in the US decreased by 7.1% compared to the end of 2021. 

Representative high-income jobs such as Big Tech and Wall Street Investment Bank recently announced plans to cut more than 100,000 jobs in order to preemptively respond to the downturn.