Despite the slump, Musk’s fortune is still up 70% this year thanks to Teslas gains on the back of strong earnings growth and delivery numbers and a higher valuation for SpaceX.
The drop narrows Musk’s lead over Bezos as the world’s richest person to $83 billion.
Elon Musk has lost $50 billion so far this week after Tesla Inc. shares plunged for the second day in a row. It’s the biggest two-day decline in the history of the Bloomberg Billionaires Index, and the biggest one-day fall after Jeff Bezos’s $36 billion plunge following his divorce from MacKenzie Scott in 2019.
Tesla’s rout comes amid a tumultuous few days for the automaker. It started when Musk asked his Twitter followers over the weekend whether he should sell 10 per cent of his stake in the company, followed by news that his brother Kimbal sold shares just before the poll.
Capping it off was an Insider report Tuesday morning on Michael Burry, the investor made famous by the movie “The Big Short,” saying Musk may want to sell shares to cover his personal debts.
The drop narrows Musk’s lead over Bezos as the world’s richest person to $83 billion. Musk surpassed the Amazon.com Inc. founder for the title for the first time in January and the gulf between the two recently rifted as wide as $143 billion, a figure greater than the net worth of Bill Gates, the world’s fourth-richest person.