Elon Musk Loses N206 Trillion in Three Weeks as Tesla Shares Decline

Elon Musk Loses N206 Trillion in Three Weeks as Tesla Shares Decline

  • Tesla founder, Elon Musk saw about N206 trillion wiped off his net worth as the price of his company went down
  • He still maintains the lead as the world's richest man, leading Amazon Founder, Jeff Bezos by over N30 trillion
  • According to analysis, his share decline was caused my the volatile nature in the tech sector at the beginning of the year

Elon Musk is now worth N256 quadrillion after losing about N206 trillion in less than a month.

According to Bloomberg's Billionaire’s Index, the South African-born billionaire net worth lowered but still leads Amazon founder, Jeff Bezos by N31.1 trillion.

Elon Musk
Elon Musk
Source: Twitter

Musk’s wealth shrank greatly on Wednesday, January 19, 2022. The market’s stormy day was likely responsible for the stock’s slide with the car maker share price going down by 3.4 per cent.

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Elon Musk’s wealth increased 1,000% in two years, higher than 99% of other richest men in the world

New year's tumble

Tesla’s growth was impacted by the tough start in the tech sector at the beginning of the year as discouragement seems to be a major emotion.

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Since the company announced the rapid sale of shares in a new offering in the fourth quarter vehicle sales early in the year, the stock has gone down by 5.3 per cent.

The stocks that went down on Wednesday is likely a continuance of further pressure on growth in the tech sector.

A bounce back predicted

Analysts have predicted that the car maker’s upcoming report may attract the attention of investors.

Tesla says it will provide more information to investors when it reports its fourth-quarter results on January 26.

Elon Musk challenges the UN

Meanwhile, Legit.ng has reported that Elon Musk, the world’s richest man, has challenged a claim credited to Director of the United Nations’ World Food Programme, David Beasley, that just a small percentage of his wealth could help solve world hunger.

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A graphics artist becomes multi-millionaire recreating Rolex watches to digital form on NFT- one goes for N34m

Beasley specifically called for action from Musk and Amazon.com Inc. co-founder Jeff Bezos, the two men atop the Bloomberg Billionaires Index.

Beasley was quoted as saying just $6 billion (N2.4trn) could keep 42 million people from dying.

Source: Legit.ng

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