Elon Musk Loses $50 Billion In Two Days, Resulting In Historic Wealth Loss

The drop narrows Musks lead over Bezos as the worlds richest person to $83 billion.
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The drop narrows Musk's lead over Bezos as the world's richest person to $83 billion.

Highlights

  • Elon Musk had lost $50 billion this week.
  • It all began when Musk questioned his Twitter followers if he should sell 10% of his company 's stock over the weekend

After Tesla Inc. stocks fell for the second consecutive day in a row, Elon Musk had lost $50 billion this week. It's the greatest two-day drop in the Bloomberg Billionaires Index's history. Tesla's slide follows a difficult few days for the company. It all began when Musk questioned his Twitter followers if he should sell 10% of his company 's stock over the weekend, accompanied by reports that his brother Kimbal had marketed shares just preceding the poll.

Musk's margin over Bezos as the world's richest person has shrunk to $83 billion as a result of the decline. Musk eclipsed Jeff Bezos, the founder of Amazon.com Inc., for the initial time in January, and the gap between the two has recently widened to $143 billion, a sum bigger than Bill Gates' net worth. However, in Tuesday's price decline, Cathie Wood's ARK Investment Management suffered more than $750 million, whereas Oracle Corp. owner Larry Ellison, the company's second-largest individual shareholder, suffered $2.1 billion.

Even after the downturn, Musk's fortune has risen by 70% this year, mainly to Tesla's gains, which have been fueled by solid profits and delivery statistics, as well as a greater value for SpaceX. Tesla's market value has remained above $1 trillion, a level it reached last month after the company's third-quarter earnings exceeded forecasts and rental-car giant Hertz Global Holdings Inc. made an order for 100,000 Tesla automobiles.

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