According to Bloomberg’s Billionaire Index, Wednesday, the world’s wealthiest individuals lost over $40 billion in value. As of Wednesday afternoon, Elon Musk, the CEO of Tesla, lost the most money among 500 billionaires. The Dow Jones Industrial Average and S&P 500 were down by two percent due to Wednesday’s rout. Musk has lost $12.3 billion in personal wealth following the day’s poor performance in the market. As a result of his opposition to Twitter CEO Parag Agrawal’s concerns about spam bots, Musk has been seeking a cheaper deal or abandoning the deal. He has pledged to vote Republican in the next presidential election and derided the S&P ESG index as a scam after the index downgraded Tesla.

According to the analyst, Tesla’s stock price target was slashed by Wedbush on Thursday due to a “circus show” over Twitter and because of the headwinds from China’s CVID battle. Tesla has fallen 28% since the deal was announced on April 25. However, this has come amid sizeable market losses this year, as the S&P 500 has flirted with a bear market. Musk is still worth $210 billion, even if he has lost $60.4 billion this year.

The biggest losers on the list of the wealthiest people in the world this year were Bernard Arnault, chairman, and CEO of LVMH Moët Hennessy LVMH, -2.30%, who lost $3.15 billion on Wednesday and lost $52 billion in value over the year, bringing his wealth to $126 billion. Also, Bill Gates, co-founder of Microsoft MSFT, -0.25%, lost $2.19 billion on Wednesday, reducing his wealth to $119 billion. Although Warren Buffett, CEO, and chairman of Berkshire Hathaway BRK.A, -1.26%, lost $2.74 billion in value, he gained $2.17 billion in the year. Buffett has a net worth of $111 billion.

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