
Elon Musk Loses $8 Billion Following Volkswagen Announcement
-Tesla Boss, Elon Musk has lost $8 billion from his net worth in the past week
-The loss was caused by a drop in the value of Tesla shares after an announcement from German car company, Volkswagen
-Automobile giant, Volkswagen announced plans to join in on electric car production
Tesla Boss, Elon Musk lost $8 billion in the past week following a drop in the car manufacturers’ shares.
Tesla shares took a big hit earlier this week when German Automobile company, Volkswagen announced that it is venturing into the Electric car market.
According to Volkswagen’s announcement, they have a detailed plan that will make them the world’s leading Electric automobile manufacturer by 2025.
The announcement has driven the shares of the German company up by 15% while Tesla’s shares suffered a 6.9% drop.
Many experts are backing Volkswagen to given Tesla a run for its money for two main reasons.
German car companies are known for setting a high standard in the car production game and they have been at it for long.
Volkswagen is a reliable car company that has produced strong vehicles in the past.
Tesla is under pressure to be on top of their game to avoid being usurped.
Read also: Tesla to start accept payment in Bitcoin
At the time of this report, Elon Musk is the second richest man in the world, with a net worth of $162.4 billion, according to Forbes.
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.