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Business

Elon Musk Loses $20 Billion as Tesla Stocks Fall

Elon Musk Loses $20 Billion as Tesla Stocks Fall

  • Tesla CEO Elon Musk lost more than $20 billion in fortune as the stock market floundered this week
  • The billionaire’s estimated fortune dropped to $245.1 billion this week, from about $265.4 billion on December 10th
  • The fortune decrease was a result of Tesla shares losing more than 8.3% in value

The U.S. stock market tumbled earlier this week and Elon Musk is one of the billionaires who felt the effect.

Elon Musk

The world’s richest man’s fortune plummeted by $20.3 billion between the close of trading on December 10 and December 17 to $245.1.

The sharp drop was a result of an 8.3% drop in the value of Tesla stock over the week, as the shares of the car company underperformed the broader market.

The S&P 500 fell 1.9% this week, while the Dow Jones Industrial Average dropped by 1.7% as the market begins to feel the effect of the new Covid-19 Omicron variant.

Fears have been rising in the country over worries about the effect of the highly transmissible strain on the economy.

Read also: Elon Musk Mocks Rival Jeff Bezos Over Space Companies

All told, Musk’s net worth has fallen precipitously since when the billionaire’s fortune climbed above $300 billion a few months ago.

Still the billionaire, remains some away ahead the rest of the park in the world’s richest list with his closest rival Jeff Bezos valued at $195 billion

Elon Musk

Stock market and falling fortune aside, it was however a great week for Elon Musk as he was awarded the Time magazine’s “Person of the Year” award.

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