Elon Musk Loses $10 Billion After S*xual Misconduct Claim

• Elon Musk’s wealth dropped by $10 billion on Friday as Tesla’s stock plummeted, according to Yahoo Finance.

• The company’s share price fell after a report emerged that SpaceX settled a sexual misconduct claim against Musk.

• The 50-year-old billionaire is now worth $201 billion, according to Bloomberg Billionaires Index.

Tesla co-founder and CEO Elon Musk has lost $10 billion in a single day, following claims of s*xual misconduct that emerged against him last week. Musk was worth $212 billion on Thursday, according to Bloomberg Billionaires Index. However, when the news of the allegation broke, his fortune quickly fell to $201 billion.

Naija FM reported on Friday that the billionaire’s aerospace firm, SpaceX had paid a flight attendant $250,0000 to settle a s*xual misconduct claim against him in 2018. Musk has since denied the claim on Twitter.

Elon Musk owns about 47% of SpaceX and last week, a Business Insider report showed that the company had reached $125 billion in valuation. It remains a privately-held company, therefore, its valuation doesn’t fluctuate daily.

Despite Musk’s huge stake in SpaceX, the majority of his fortune comes from his Tesla holdings. According to BBC, the 50-year-old owns about 15% of the electric car company, valued at $663 billion. When the shares tanked 6.4%, it was reflected in his wealth.

The recent $10 billion loss by the billionaire is just the latest wealth decline for Elon Musk in 2022. Bloomberg estimates that the businessman has lost more than $69 billion since the start of the year.

The fall of Tesla’s stocks recently accelerated when Musk announced that he was set to acquire Twitter in a $44 billion deal. A day after the announcement, the company’s shares crashed 12% over concerns regarding how he was going to fund his bid for the social media giant.

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