Elon MuskPA Images
Tesla CEO Elon Musk lost a record $16.3 billion in a single day, after the company’s shares plummeted by 21%.
In just one day, $100 billion fell from Tesla’s market value – its biggest ever decrease, coming after what seemed like a triumphant rally of stock.
For Musk, his loss in net worth has made history – it’s the biggest single-day drop in the existence of Bloomberg’s Billionaire’s Index.
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The 49-year-old is now worth $82.2 billion, no longer a centibillionaire and taking a dive down the rich list to sixth place behind Bernard Arnault in fourth and Warren Buffett in fifth.
Tesla’s haemorrhage comes amid a rout of US technology routs, with Bill Gates also losing $2.05 billion, Facebook’s Mark Zuckerberberg losing $4.26 billion and Amazon chief Jeff Bezos losing $7.94 billion.
However, these three titans remain above the $100 billion threshold, with Zuckerberg valued at $103 billion, Gates at $121 billion and Bezos at an eye-watering $186 billion.
Unfortunately for Musk, Tesla was by far the worst-affected. Its shares dropped by 21.1% at $330.21. Following a period of ascension for the company, the car maker is now valued at $308 billion, compared to more than $420 billion earlier this month.
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There’s also the small matter of Nikola Corp. and General Motors Co.’s partnership, competitors of Tesla. With shareholders selling off stock, shares quickly fell from $500.
It’s not all doom and gloom for the world’s entrepreneurs – over in China, Zhong Shanshan, the founder of bottled water firm Nongfu Spring Co added more than $30 billion to his fortune. He’s now the third-richest person in China.
More to follow…
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