- Elon Musk, the world's richest man, has seen his fortune plummet by more than $50 billion in 48 hours over worries that he may sell 10% of his stock
- Musk had publicly asked a group of Twitter users if he should sell a portion of his Telsa stock, and the answer was a resounding yes
- His inquiries, along with news of a tax, spurred a sell-off among shareholders, costing him the largest single loss by a person
Elon Musk has lost $50 billion(N2.06tn) so far this week after Tesla Inc. shares plunged for the second day in a row.
It's the biggest two-day decline in the history of the Bloomberg Billionaires Index, and the biggest one-day fall after Jeff Bezos's $36 billion plunges following his divorce from MacKenzie Scott in 2019.
Tesla's slide follows a difficult few days for the company. It all started when Musk asked his Twitter followers if he should sell 10% of his company's stock over the weekend, followed by reports that his brother Kimbal had sold shares immediately before the vote.
Topping it off, an Insider article on Tuesday morning said Musk may want to sell shares to settle personal obligations, citing Michael Burry, the investor made famous by the film "The Big Short."
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The billionaire race
Musk's advantage over Bezos as the world's richest person has shrunk to $83 billion as a result of the decline. Musk eclipsed Jeff Bezos, the founder of Amazon.com Inc., for the first time in January, and the gap between the two has lately widened to $143 billion, a sum bigger than Bill Gates' net worth, the world's fourth-richest person.
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Despite the downturn, Musk's fortune has risen by 70% this year, mainly to Tesla's gains, which have been fueled by solid profits and delivery statistics, as well as a greater value for SpaceX.
Tesla's market value has remained over $1 trillion, a level it reached last month after the firm's third-quarter earnings exceeded forecasts.
Elon musk is worth over $300 billion, more than Africa's entire GDP
South Africa Musk's financial clout exceeds that of investor Warren Buffett, with Tesla's CEO estimated to be three times wealthier than the well-known philanthropist.
Musk's net worth recently increased due to an 8.5% gain in Tesla's shares and a 65.6 percent increase since the beginning of the year.
Source: Legit Newspaper