Elon Musk loses record $50 billion in 2 days as Tesla shares fall

WION Web Team
NEW DELHI Published: Nov 10, 2021, 01:34 PM(IST)

SpaceX's Starship has already made several sub-orbital flights Photograph:( AFP )

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Tesla CEO Elon Musk is now worth $323 billion, according to the Bloomberg Billionaires Index.Musk's $50 billion loss comes on the back of a 16% decline in Tesla's share price this week.
 

World's richest person Elon Musk has already lost $50 billion this week as Tesla Inc. shares fell for the second day in a row.

Musk is currently worth $323 billion, according to the Bloomberg Billionaires Index, notwithstanding the losses.

According to Bloomberg, the $50 billion loss is the greatest two-day drop in the index's history. 

Tesla's stock dropped dramatically this week after Musk asked his Twitter followers over the weekend if he should sell 10% of his stock to pay taxes.

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The answer was a resounding yes, sending Tesla stock plunging as much as 7% on Monday.

Tesla's stock price fell as much as 12% on Tuesday after notorious short-seller Michael Burry hinted in a now-deleted tweet that Musk may seek to sell his shares to meet his personal obligations.

Share prices were also dragged down by reports that Musk's cousin and EV business director, Kimbal Musk, sold more than $100 million in Tesla stock last week. 

Despite this week's steep drop, Tesla shares are still up 40% year to date - and Musk remains the richest man on the planet, trailing second-wealthiest man Jeff Bezos by $122 billion, according to the Bloomberg Billionaires Index. 

(With inputs from agencies)

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