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2021-11-10

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Elon Musk Loses $50 Billion in Two Days in Record Wealth Plunge

Elon Musk has lost $50 billion so far this week after Tesla Inc. shares plunged for the second day i

Elon Musk Loses $50 Billion in Two Days in Record Wealth Plunge

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It started when Musk asked his Twitter followers over the weekend whether he should sell 10% of his stake in the company, followed by news that his brother Kimbal sold shares just before the poll. Capping it off was an Insider report Tuesday morning on Michael Burry, the investor made famous by the movie “The Big Short,” saying Musk may want to sell shares to cover his personal debts.\nThe drop narrows Musk’s lead over Bezos as the world’s richest person to $83 billion. Musk surpassed the Amazon.com Inc. founder for the title for the first time in January and the gulf between the two recently rifted as wide as $143 billion, a figure greater than the net worth of Bill Gates, the world’s fourth-richest person.\nCathie Wood’s ARK Investment Management, whose funds have been selling shares in Tesla over the past few months, lost more than $750 million in Tuesday’s selloff, while Oracle Corp. founder Larry Ellison, the company’s second-largest individual shareholder, lost $2.1 billion.\nDespite the slump, Musk’s fortune is still up 70% this year thanks to Tesla’s gains on the back of strong earnings growth and delivery numbers and a higher valuation for SpaceX. 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