Elon Musk Loses $50 Billion in Biggest Fall of the Year

• Elon Musk has lost $50 billion in net worth this week after the value of Tesla shares continued to drop

• The billionaire’s loss represents the biggest two-day decline in the history of Bloomberg Billionaire’s index.

• The Tesla CEO is now worth $288 billion, down from $338 billion earlier this week

Billionaire Elon Musk has lost about $50 billion in the past week as Tesla shares plunged for the second day running.

The billionaire’s wealth dropped by $35 billion on Tuesday, which is the second biggest 2-day decline after Bezos’s $36 billion wealth plunge in 2019.

It’s been a tumultuous few days for the electric car maker and it began with a tweet by CEO Musk on Sunday.

Musk made a poll on Twitter asking followers if he should sell his 10% stake in the company. This followed news that his brother Kimbal also sold some shares before the poll.

On Tuesday, an Insider report from Michael Burry then disclosed that the billionaire was selling shares to cover up his personal debts.

At this time, Elon Musk is worth $288 billion, according to Bloomberg Billionaire Index, with his gap over Jeff Bezos narrowed to $82 billion.

Musk surpassed his rival billionaire for the first time in January but went down again before skyrocketing past the Amazon boss by more than $143 billion in October.

Despite the huge recent fall, Musk’s fortune is still up 70% this year thanks to an increase in the valuation of SpaceX and Tesla shares.

Tesla’s valuation remains above $1 trillion. A value that it reached last month after signing an unexpected deal to deliver 100,000 Tesla cars to Hertz Global Holdings.

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