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Business

Elon Musk Loses $4 Billion in a Day as Tesla Stocks Drop

Elon Musk Loses $4 Billion as Tesla Stocks Drop

  • The wealth valuation of Tesla CEO Elon Musk fell by 2.2% as the billionaire lost $4.14 on Tuesday
  • The loss of the world’s second-richest man was caused by a 2% drop in Tesla shares after shareholders sued Musk for not being transparent with the Solar City deal
  • Despite the setback, the year to date gain on Tesla stocks sits at 120% and the car company has a market capitalization of $644 billion

Only a few things are as volatile as Elon Musk’s wealth. The billionaire’s wealth valuation has crossed $200 billion and fallen to $160 billion in the space of a few months.

The volatility of his wealth was yet noticed again when he lost 2.2% of his wealth ($4.4 billion) in a single day.

There has been a clash among stakeholders in his company with some shareholders suing Musk for being unclear with the financial status of SolarCity.

Solar City, a subsidiary of Tesla Inc. sells and installs solar energy generation systems to residential and commercial property.

Some investors also let go of their Tesla stocks after the billionaire revealed that Tesla was unable to meet up with the demand for Tesla Powerwalls.

The 50-year-old disclosed in court that the company would struggle to meet half the demand of 80,000 units of Powerwalls due to chip shortages.

Tesla Powerwalls

Read also: Elon Musk is a Billionaire but he Lives in a Box

The setback in the company’s finance appears to be temporary as Tesla has posted 120% yearly gains and its market valuation is at $644 billion.

Elon Musk

The latest loss reduces Elon Musk’s year-to-date gains to $13 billion but he remains the second richest man in the world with a net worth of $183 billion.

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