Elon Musk’s fortune plummeted by $ 50 billion in just two days. Never before has there been such a large decline in property value. Its reason is the sharp sell-off of Tesla shares, Bloomberg reported. The head of the automotive concern still ranks first on the list of the richest people in the world.
This is a record two-day decline in the history of the Bloomberg Billionaires Index and the largest one-day – after Jeff Bezos, whose fortune fell by $ 36 billion following his divorce from MacKenzie Scott in 2019.
Elon Musk’s net worth decreased by $ 50 billion. in 2 days
For Tesla’s stock, the last few days have been quite turbulent. It started when Musk asked on Twitter over the weekend if he should sell 10% of his business. their shares in the company. Then it was reported that his brother Kimbal had sold the shares just before the poll, in which over 3.5 million people voted and a majority (57.9%) in favor of selling the shares.
The bad news turned out to be Tuesday’s announcement by Michael Burry, an investor made famous by the movie “The Big Short”, who said that Musk might want to sell shares to cover his personal debts – described Bloomberg.
Tesla shares fell by about 12 percent. after completing the survey in which Musk asked about the sale of 10 percent. of its shares, Reuters reported.
Fall in Tesla shares
ARK Investment Management – a fund that sold Tesla stakes in the last few months – lost more than $ 750 million in Tuesday’s selloff, while Oracle founder Larry Ellison – the company’s second-largest individual shareholder – lost $ 2.1 billion, Bloomberg said .
The agency added that Musk’s fortune increased by 70 percent in the last year. – thanks to the development and profits of Tesla and the higher valuation of SpaceX.
Elon Musk tops the richest list
Musk topped the richest list for the first time in January, and was up to $ 143 billion ahead of second-largest Jeff Bezos at one point – more than the fortune of Bill Gates, the fourth richest man in the world.
According to the Bloomberg Billionaires Index, Elon Musk’s fortune is $ 288 billion (as of November 10). Previously, the Tesla boss was the first person whose fortune exceeded $ 300 billion. According to the data from the list, Musk’s fortune is still $ 119 billion higher than a year ago.
Second on the list is Jeff Bezos with a net worth of $ 206 billion. Bernard Arnault is on the lowest step of the podium – $ 173 billion.
The Reuters agency recalled that Musk is not getting paid from Tesla. Instead, it gets stock options that are triggered when Tesla’s market capitalization hits specific goals. Under the option, the billionaire can buy shares of a car maker at $ 70 apiece.
In addition, Musk is the major shareholder and CEO of SpaceX. The space industry enterprise is valued at approximately $ 100 billion.
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