In December 2022, Elon Musk, the CEO of Tesla, SpaceX and Twitter, reportedly lost $200 billion in wealth. The bulk of Musk’s wealth is tied up in Tesla, which saw its stock plunge 65% in 2022.
Evergrande is China’s most indebted developer with $300 billion in liabilities, and has been at the heart of the country’s real estate troubles since 2021. Hui, also known as Xu Jiayin in Mandarin, used his personal wealth to prop up his embattled company, selling his houses and private jets.
But that was far from enough and Evergrande defaulted on its US dollar bonds in December 2021 after scrambling for months to raise cash to repay creditors, suppliers and investors. Last year, the firm failed to deliver its preliminary debt restructuring plan, leading to further concerns about its future.
