One Reason Billionaire, Elon Musk, Lost Over N397.62billion in One Day, Losses Position on Richest List

One Reason Billionaire, Elon Musk, Lost Over N397.62billion in One Day, Losses Position on Richest List

  • Elon Musk is no longer the second richest man in the world, as he falls from that position on two of the world's billionaire lists of Forbes and Bloomberg
  • The Tesla founder lost over N397.62 billion in 24hours to succumb his position on the world's richest list, as his fortune collapsed to $150.1 billion
  • Market value of the billionaire's company had also declined during the same period, as investors priced the stock of Tesla lower than the previous day

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The wealth of tech guru and founder of Tesla, Elon Musk, is dwindling as the billionaire has lost his position on two of the world's most recognised fortune trackers.

For most of the second half in 2021, Musk had occupied the second position of Forbes billionaire watch, and that of Bloomberg's Billionaire Index.

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According to Real Time Newt Worth of Forbes, the SpaceX founder had lost about N397.62 billion ($971 million) as at last prior trading day, which is Tuesday, after his wealth dipped by 0.64%.

This dragged his fortune down to $150.1 billion, and falling below Bernard Arnault and Jeff Bezos, both of which have $199.2 billion and $196.5 billion respectively

This decline was caused by a sharp depreciation in Tesla's market value, as the company's stock went down by 0.82%, knocking off $4.91 from the share value - stock price fell from its opening of $597.53, to $594.45 per share by as of this morning.

Elon Musk, the founder of Tesla, lost significant amount from his fortune
Billionaire, Elon Musk, is the founder of carmaker, Tesla. Photo: Pascal Le Segretain
Source: Getty Images

Musk's fortune reacted negatively to the Tesla share depreciation, leading to the loss of N397.62 billion in the last 24hours, as seen on the Forbes billionaire list.

His wealth on Bloomberg Billionaire Index was put at $166 billion, but was also behind Jeff Bezos and Bernard Arnault as the two accounted for $196 billion and $179 billion respectively.

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Note that the rocket launcher's SpaceX company as at February 2021, is valued at $74 billion after its funding round in the same month of this year.

Meanwhile, Legit.ng had previously reported that Nigerian governors under the umbrella of Peoples Democratic Party have criticised the Central Bank of Nigeria.

The PDP governors during their Forum in Akwa Ibom State, said the financial regulator is operating beyond its constitutional power, issuing threat to those that criticises it.

It was stated that the CBN is acting like a government, and not an agency which it was formed to be. They said the apex bank is printing and spending NigeriN money without supervision.

Source: Legit Nigeria

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