Elon Musk Loses $11 Billion In A Day
-Billionaire Elon Musk has lost a whopping $11 Billion, reducing his net worth to $169 billion
-Musk’s loss was triggered by a selloff in Tesla shares
-The Tesla CEO is now the second richest man in the world, behind Jeff Bezos who is worth $178 billion
It is no longer news that the volatility of Elon Musk’s net worth is unmatched. We witnessed this again when the Tesla CEO lost $11 billion in a day.
There was a sell-off in Tesla shares which caused the billionaire’s wealth to be pegged back to $169 billion.
Musk is now the second richest man in the world, according to Bloomberg Billionaires Index, behind Jeff Bezos who is worth $178 billion.
Surge in the US bond yields has put technology stocks under pressure. The higher the yield, the more attractive bonds become, during money out of stocks.
Giant companies Apple, Tesla, and Microsoft saw their shares fall by 3.4, 6.9, and 2.7 percent respectively.
Musk and Bezos have switched places several times this year since the Tesla CEO’s valuation hit $210 billion in January.
Read also: Dogecoin rises after Elon Musk’s tweet
The car company recently crowned Elon Musk the “Technoking” of the company but it was not revealed whether the new title will come with added responsibilities.
Musk will also maintain his role as the Chief Executive Officer of Tesla.
Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.
