Elon Musk Loses Record $50B Wealth In 2 Days As Tesla Stock Crashes Following Twitter Poll

Author: Madhukumar Warrier | November 10, 2021 01:26am

Tesla Inc. (NASDAQ:TSLA) CEO and the world’s richest person Elon Musk has lost a record $50 billion this week after the electric vehicle maker’s shares tumbled for the second straight day on Tuesday, according to a report by Bloomberg.

What Happened: The plunge in Tesla’s shares came following a Twitter poll from Musk, asking his followers whether he should sell 10% of his shares in the company.

Musk’s net worth now stands at $323 billion. Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos follows Musk in second position with a net worth of $201 billion, according to the Bloomberg Billionaires Index.  

Musk’s $50 billion loss is the biggest two-day decline in the history of the index. The $35 billion loss registered by Musk on Tuesday is also the biggest one-day fall after Bezos’s $36 billion loss following his divorce from MacKenzie Scott in 2019, as per Bloomberg.

See Also: Tesla Keeps Dipping, But So What? Here's Why The Dip Might Be A Great Opportunity

Why It Matters: Musk surpassed Bezos as the world’s richest person this year, thanks to the surge in Tesla’s stock following impressive quarterly earnings results and delivery numbers. The stock’s year-to-date returns stand at 40.3%.

Musk beneficially owned about 22.4% of the shares in Tesla as of Dec. 31, 2020, according to a regulatory filing by the company in February.

In late October, Tesla joined the club of a select few companies valued at more than $1 trillion following news that the company landed its biggest ever order from car rental car company Hertz Global Holdings (OTC:HTZZ).

Tesla’s stock is also seeing high interest from retail investors.

Price Action: Tesla shares closed almost 12% lower in Tuesday’s regular trading session at $1,023.50.

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Photo: Courtesy of Steve Jurvetson via Flickr

Posted In: AMZN HTZZ TSLA