Elon Musk incurred losses of over $100 billion in 2022.

This year, the world’s richest man reportedly lost hundreds of billions of dollars.

Bloomberg reports that Elon Musk lost more than $100 billion in 2022 when Tesla shares plummeted to their lowest position in the past two years. This week, Chief Twit’s net worth decreased by $8.6 billion on Monday alone.

Despite losing hundreds of billions of dollars, Elon Musk remains one of the world’s wealthiest individuals, according to the Bloomberg Billionaires Index, with $169.8 billion. Last year he earned $340 billion and this year he lost $100.5 billion.

Earlier this year, he sold a portion of his Tesla shares to raise the necessary funds when the company agreed to acquire Twitter for $44 billion. Elon Musk sold roughly $4 billion worth of Tesla stock, even after purchasing Twitter. Early November sources indicate that he sold almost 20 billion Tesla shares in 2022.

After purchasing Twitter and taking it private, Elon Musk assumed control of the company and became its CEO. Within days after acquiring the business, he laid off tens of thousands of workers, including top executives.