Elon Musk Remains World’s Richest Person After Losing $50 Billion in 2 Days

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Elon Musk Remains World’s Richest Person After Losing $50 Billion in 2 Days

By CNBS News

The world’s richest person, Elon Musk, lost a whooping $50 billion from his net worth in just two days after the shares of his company Tesla plunged sharply.

Musk’s wealth decline is the steepest in the two-day history of the Bloomberg Billionaires Index and the biggest one-day fall since Jeff Bezos’s $36 billion plunge following his divorce with Mackenzie Scott in 2019, reported Bloomberg.

According to the report, the sharp decline in Tesla stocks came amid a turbulent few days for the electric carmaker.

It all started when Elon Musk asked his Twitter followers over the weekend whether he should sell 10 per cent of his stake in the company. This was followed by news that his brother Kimbal Musk sold shares just before the poll. Claims were also made that Musk may want to sell his stake to cover his personal debts.

STILL THE WORLD’S RICHEST PERSON

While Musk has lost a sizeable chunk of his net worth after the fall in Tesla stocks, he still remains the world’s richest person by a good margin.

Elon Musk’s net worth decreased to $288 billion, down 35 billion in the past 24 hours. As a result, Musk’s lead over Jeff Bezos as the world’s richest person has dropped to $82 billion.

The wealth gap between Musk and Bezos recently increased to as much as $143 billion, higher than the total net worth of Bill Gates, who is the fourth-richest person in the world.

Following the decline in Tesla shares, Cathie Wood’s Ark Investment Management lost more than $750 million on Tuesday. Meanwhile, Oracle Corp. founder Larry Ellison, who is the second-largest shareholder in Tesla, lost $2.1 billion.

Even after the massive slump, Musk’s fortune is up 70 per cent this year due to Tesla’s gains on the back of strong earnings growth and delivery numbers. A higher valuation for SpaceX also helped boost Elon Musk’s net worth.

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