Business

Elon Musk Loses $30 Billion as Tesla Stock Tumbles

Elon Musk Loses $30 Billion as Tesla Stock Tumbles

  • Elon Musk has lost nearly $30 billion from his fortune after Tesla shares tumbled
  • This is coming just a few days after the billionaire added a similar amount to his wealth, taking his net worth above $300 billion for the second time
  • The world’s richest man is now worth $272 billion, according to Bloomberg Billionaires Index

Elon Musk’s fortune is currently more unstable than it has ever been. The Tesla CEO has gained and lost more than $30 billion within a few days.

The world’s richest man is now worth an estimated $272 billion, just three days after his net worth surged above $300 billion on the back of a rise in Tesla stocks.
Tesla stocks went up by 13.5% on Monday, taking the billionaire’s fortune to $304 billion, his highest wealth level since November.
Musk’s winning was however short-lived as the billionaire lost about $13.9 billion of his fortune on Wednesday and an additional $5.3 billion on Thursday.


When trading closed on Thursday, the shares of the electric car company were down 11% from their peak earlier this week.
More volatility could also be set to hit Tesla as short-seller Fraser Perring revealed that he was betting against the company.
The majority of Elon Musk’s wealth is tied up in his 16% stake in Tesla, which he backed a year after the company was founded in 2004.

In addition to that, he also owns an estimated 48% stake in SpaceX, his privately owned rocket company. February 2021’s funding round revealed that the company was valued at $74 billion.

Follow Naija.fm on our social media handles FacebookInstagram, and Twitter to keep up with trending news, breaking news, entertainment news.

Show More

Related Articles

Back to top button