Elon Musk loses $50 billion in 2 days 

Elon Musk lost $50 billion in two days, setting a new record in a controversial Twitter vote. It’s the greatest two-day drop in the Bloomberg Billionaires Index’s history. The biggest one-day drop since Jeff Bezos’ $36 billion drops following his divorce from MacKenzie Scott in 2019. Tesla’s thrashing comes on the heels of a turbulent […]

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November 11, 2021

Finance

2 min

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Elon Musk loses $50 billion in 2 days 

Elon Musk lost $50 billion in two days, setting a new record in a controversial Twitter vote. It’s the greatest two-day drop in the Bloomberg Billionaires Index’s history. The biggest one-day drop since Jeff Bezos’ $36 billion drops following his divorce from MacKenzie Scott in 2019.

Tesla’s thrashing comes on the heels of a turbulent few days for the carmaker. It all started when Elon Musk asked his Twitter followers if he should sell 10% of his ownership in the company. It was followed by reports that his brother Kimbal had sold shares immediately before the vote.

Elon Musk loses $50 billion in 2 days 

Musk’s advantage over Bezos as the world’s richest person has shrunk to $83 billion as a result of the decline. Musk beat Amazon founder Jeff Bezos for the title for the first time in January. The gap between the two has since widened to $143 billion. An amount bigger than Bill Gates’ net worth, the world’s fourth-richest person. Cathie Wood’s ARK Investment Management lost more than $750 million in Tuesday’s selloff, while Oracle Corp. founder Larry Ellison, the company’s second-largest individual shareholder, lost $2.1 billion. 

Despite the collapse, Musk’s fortune is still up 70% this year, thanks to Tesla’s gains on the back of stellar profits growth and delivery numbers, as well as SpaceX’s greater value. Tesla’s market value has remained above $1 trillion, a level it reached last month after its third-quarter results exceeded market forecasts and rental-car business Hertz Global Holdings Inc. made an order for 100,000 Tesla vehicles. 

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