Elon Musk is no longer part of the $ 200 billion club as Tesla’s stock continues to plummet, but he is still comfortably the richest man in the world.
Elon Musk has dropped out of the 200 billion club after Tesla shares fell 7% on Tuesday.
According to Bloomberg, Musk’s fortune fell 5.4% to $ 193 billion as the share price of the electric car maker plummeted – meaning he lost .1 11.1 billion in one day.
Tesla is down 41% year-over-year, as the technology sector sells more widely. It has fallen just 38% since Musk agreed to buy Twitter for $ 44 billion last month.
Musk has been embroiled in controversy since announcing a possible acquisition, threatening to reduce its offer based on the number of bots on social media platforms. Ongoing uncertainty seems to have reduced the value of Tesla.
“This circus show is a big overhang on Tesla’s stock,” Wedbush’s Dan Ives said in a note on Monday. “Kasturi is facing a thorny situation in the road in which he has to decide his next step in this soap opera, as the patience of the Tesla investor is very thin.”
Musk has pulled out of the 200 billion club twice this year – once in February and again in March. Stock market rallies pushed him back to that threshold on both occasions.
According to the Bloomberg Billionaires Index, this is the lowest since last August. He has lost just under $ 78 billion this year, but is still comfortably the richest man in the world.
Musk is $ 65 billion richer than Jeff Bezos, who has lost $ 65 billion this year, Amazon is down 38%. Bill Gates, Warren Buffett, LVMH chairman Bernard Arnault and Indian businessman Gautam Adani are also valued at more than $ 100 billion.