Elon Musk has lost $419 million every day for the past year

He might be the world's richest man, but Elon Musk has seen his personal fortune dwindle at an almost unfathomable rate over the past year.

According to the latest update of Bloomberg's Billionaires Index, the Tesla CEO is still worth an incredible $257 billion ($US170 billion), but it's a lot less than the same time last year.

In the space of a year, Musk has lost $153 billion – an average of $419 million each and every day.

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The billionaire spent $US44 billion (around $60 billion) to purchase Twitter in what has been a high-profile and turbulent takeover, but much of his losses are tied to Tesla.

The electric car maker's stock has dropped by 56 per cent in the last year, down to its lowest point since November 2020, as it feels the impact of COVID-19 restrictions and a weakening economy in China.

Musk's yearly loss was higher than anyone else on the billionaires index, yet he still retains the title of world's richest man from French luxury goods magnate Bernard Arnault.

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Arnault, the chairman of LVMH Moet Hennessy Louis Vuitton, is estimated to be worth $237 billion.

Gautam Adani remains the world's third-richest person, followed by Amazon founder Jeff Bezos in fourth and Bill Gates in fifth.