Elon Musk Loses $50 Billion in 3 Weeks as Tesla Stocks Decline

• Tesla CEO, Elon Musk has seen about $50 billion wiped off his net worth in the past three weeks as the company’s shares came tumbling down

• The drastic drop has cut the billionaire’s fortune to $256 billion, reducing the gap between him and rival Jeff Bezos to $79 billion

• Musk’s wealth suffered a major decline on Wednesday, a drop that has been attributed to an overall stormy day for the market

Tesla founder Elon Musk has suffered a drastic decline in his fortune as almost $50 billion has been lost in the past three weeks. This is one of the biggest wealth losses in such a period that has been recorded by the Bloomberg Billionaires Index.

The latest drop has decreased Musk’s lead as the world’s richest person over rival Jeff Bezos to $79 billion. With a current fortune estimate of $256 billion, his wealth valuation remains significantly higher than the rest of the pack.

The major decline for Musk’s fortune happened on Wednesday as the company’s shares dipped by 3.4%. This was in line with the situation of the overall market as it was a rough day for global tech stocks.

Read also: Bloodbath in Crypto Market as Bitcoin Drops to $38,000

Tesla’s shares are now down by more than 5% since the start of the year when a blowout fourth quarter vehicles deliveries were announced.

Despite being regarded as the founder of Tesla, Elon Musk didn’t start the company but rather invested heavily in it during its early days. Till today, he remains the largest shareholder in the Electric car company.

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