Elon Musk pulled out of the $200 billion club with Tesla Plummets
- Elon Musk’s fortune fell 5.4% to $193 billion on Tuesday as Tesla shares fell 7%.
- Uncertainty over Musk’s purchase of Twitter has led to a massive sell-off in Tesla’s shares, which are down 41% this year.
- Musk’s fortune is no longer $200 billion, but he’s still $65 billion richer than Jeff Bezos.
Elon Musk is out of the $200 billion club after Tesla shares plunged 7% on Tuesday.
Musk’s fortune fell 5.4 percent to $193 billion as the electric-car maker’s share price plummeted, according to Bloomberg — meaning he lost $11.1 billion in a single day.
Tesla is down 41% year-to-date, as the tech sector sells out more broadly. It’s down 38% since Musk struck a $44 billion deal to buy Twitter last month.
Musk has sparked controversy since announcing the upcoming acquisition by threatening to cut his offer based on the number of bots on the social media platform. Ongoing uncertainty appears to have eroded Tesla’s value.
“This circus show has been a huge drag on Tesla stock,” Wedbush’s Dan Ives said in a note on Monday. “Musk faces a critical situation as he must decide his next step in this series, as the Tesla investor’s patience is becoming increasingly impatient.”
Musk has already pulled out of the $200 billion club twice this year – once in February and then again in March. Stock market rallies have pushed him back above that threshold on both occasions.
It is now the lowest since last August, according to the Bloomberg Billionaires Index. He’s lost just under $78 billion this year, but he’s still comfortably the richest person in the world.
Musk is $65 billion richer than Jeff Bezos, who has lost $65 billion this year, with Amazon down 38% year-to-date. Bill Gates, Warren Buffett, LVMH Chairman Bernard Arnault and Indian industrialist Gautam Adani have a net worth of more than $100 billion.