Elon Musk Loses over N4 Trillion in a Day after Sexual Misconduct Claims

Elon Musk Loses over N4 Trillion in a Day after Sexual Misconduct Claims

  • World richest person Elon Musk was forced to shed over N4 trillion from his wealth after sexual misconduct claims
  • Elon Musk's wealth dropped by some values on Friday, May 20 after the report of the allegations on Thursday
  • Space X paid a flight attendant N103 million to settle the claim she made against Musk in 2018
  • The news of the allegations saw Tesla share prices fall by 6.4% negatively affecting Musk's wealth

The world's richest person, Elon Musk, has lost yet another trillion in wealth within a single day.

Elon Musk.
Elon Musk's Tesla Inc. share prices fell by 6.4% over the sexual misconduct allegations. Photo: Getty Images.
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According to Business Insider, Musk shed $10 billion (over N4 trillion) from his wealth on Friday, May 20 after sexual misconduct allegations.

Musk's wealth

The world billionaire's wealth dropped from $212 billion(N88. trillion), as per the Bloomberg Billionaires Index, to about $201 billion (N83.5 trillion) in just one day.

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Musk's aerospace firm, SpaceX, paid a flight attendant $250,000 (N104 million) to settle the sexual misconduct claims she made against the billionaire in 2018.

But, Musk has since denied the allegations.

The company's valuation was estimated at $125 billion (N51.9 trillion) in the last week's report, and according to Business Insider, this does not change from day to day since it's a private company.

Tesla shares

Musk owns 47% of SpaceX but much of his wealth is determined by Tesla Inc. and its stock performance in the market.

According to Bloomberg, Tesla shares dropped by 6.4% on Friday, after reports of Musk's sexual misconduct allegations.

Musk is estimated to be $69 billion(28.6 trillion) poorer following the sexual misconduct news and related financial fallout in his wealth since the start of 2022.

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Twitter takeover

Tesla stock continued to decelerate following Musk's announcement in April 2022 that he will buy Twitter for $44 billion (N18.2 trillion).

Last week, the company dropped by 14% down to $110 billion (N45.7 trillion) in the stock market valuation.

Elon Musk loses $69.1bn in five months

The title of the world’s richest man in the world may slip through Elon Musk’s fingers as his wealth has now plunged to $201 billion, almost at par with Amazon founder, Jeff Bezos.

The billionaire lost $69.1 billion following a tumble in Tesla stock, thereby jeopardising his quest to acquire the social media network, Twitter, according to Bloomberg Billionaire Index.

During trading on Friday, May 20, 2022, the shares of his car company, Tesla from where the majority of his wealth comes, fell more than 10 per cent to trade at $636 per share at some point.

Source: Legit.ng

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