Elon Musk Tesla Wealth Dips By $16 Billion In 6 Hours. Worst Ever
Category: Business

Tesla founder and CEO Elon Musk's personal fortune plummeted Tuesday by more than $16 billion into just over six hours of trading, according to rich lists compiled by Bloomberg and Forbes, as his company's stock suffered the worst tumble. The money he lost Tuesday is more than the entire value of Indian stocks such as Titan, HDFC Life and UltraTech Cement. In India, only 21 businesses are worth more than the wealth Musk lost in one day. The mercurial technocrat has also skidded on the list of billionaires. According to the Bloomberg Billionaires Index, Musk was the sixth richest man in the world, and was eighth on the Forbes list. Musk had risen to third place in these lists at the end of August only after Jeff Bezos and Bill Gates.

In Tuesday's session, Tesla stock plummeted 21 per cent, marking its largest daily percentage drop as the electric carmaker was removed from a list of companies being added to the S&P 500. Following a stellar quarterly earnings report in July, investors had largely awaited its inclusion. The stock had jumped five times a year to date before Friday's end, taking its market value beyond any other carmaker in the world, even though it produces a fraction of the vehicles that Toyota or GM manufacture.

Despite the steep slump, according to Bloomberg, Musk has assets worth $82.2 billion. SpaceX 's founder and The Boring Company made $54.7bn this year, less than the $71.1bn from Jeff Bezos. Some entrepreneurs have also been impacted by the downturn in US technology stocks on Tuesday. Jeff Bezos got $7.94 billion poorer but held his top spot on the rich list with $186 billion worth of assets. CEO of Facebook, Mark Zuckerberg lost $4.26 billion but reclaimed his third spot while former CEO of Microsoft, Steve Ballmer, lost $3.89 billion.

Mukesh Ambani, Asia’s richest individual, holds assets worth $80.4 billion and is in seventh place on the Bloomberg list, only behind Musk. The veteran businessman has so far racked up $21.7bn in 2020. Bernard Arnault, president and chief executive of luxury goods company Louis Vuitton, who became poorer by $19.8 billion this year but is still the fourth richest human on the planet, is among the biggest billionaire losers this year. Amancio Ortega, founder of Zara's retail chain, is down $17.7 billion; Mexican businessman Carlos Slim and casino-derived Sheldon Adelson have lost $15.6 billion and $7.78 billion, respectively.

Also among the top losers was Fabled value investor Warren Buffett, as his wealth is down $6.85 billion. This was even after he regained a massive amount of his wealth this year thanks largely to a surge in Apple's stock, which now occupies almost half of his portfolio.

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