Musk is going to lose his position as the richest man in the world: the first loss of wealth this year is more than $100 billion.

Beijing, Nov. 22 (Xinhua) as Tesla's share price fell to its lowest level in two years, Elon Musk lost more than $100 billion (716.5 billion yuan) for the first time in 2022, threatening the position of the world's richest man.

Tesla shares tumbled 6.8 per cent on Monday to close at $167.87, their lowest level since November 2020 and have fallen 52 per cent so far this year. By contrast, the technology-heavy Nasdaq 100 index is down 29% over the same period.

Musk's net worth shrank by $8.6 billion on Monday, but he remains the world's richest man with a fortune of $169.8 billion, according to the Bloomberg Billionaires Index. However, Bernard Bernard Arnault, chairman of Louis Vuitton, who is in second place, is closing in and is only about $13 billion behind Mr Musk. After peaking at $340 billion more than a year ago, Musk's net worth has shrunk by $100.5 billion this year, making it the richest person in the index.

Musk's wealth is only $13 billion ahead of Arnott. Most of Musk's wealth comes from his shares in Tesla, but the electric car company is currently plagued by car recalls, outbreaks, supply chain chaos and soaring raw material costs. Moreover, Musk has recently spent a lot of time on the newly acquired Twitter company. Tesla investors have been worried that too many companies have caused Musk to be too distracted.