The fortune of Elon Musk, the CEO of Tesla, SpaceX and now Twitter, has fallen by nearly $100 billion this year, the steepest drop ever recorded in the Bloomberg Billionaire Index.

The 51-year-old businessman's net worth, which peaked at $340 billion last November, fell sharply to its lowest level in 2022 on Tuesday, to about $170 billion, after Tesla stock hit a two-year low on Monday, Bloomberg reported.

Musk owns about 15 percent of Tesla, and the drop in the electric car maker's stock price has cut Musk's fortune by about $8.6 billion in just one day.

The tech mogul gets most of his fortune from shares and ownership of Tesla, SpaceX and most recently Twitter. Tesla stock has fallen about 58.03 percent since the beginning of the year.

Despite this, Musk remains the richest man in the world, as his fortune exceeds that of Bernard Arnault, chairman of the world's largest luxury goods manufacturer LVMH Moet Hennessy Louis Vuitton, ranked second, by about $13 billion.

According to the same index, Musk's net worth also eclipses that of Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates by about $54 billion and $57 billion, respectively.

Tesla's stock price has been under pressure this year amid a broad sell-off in technology markets due to fears of an economic slowdown and aggressive interest rate hikes by the Federal Reserve.