Elon Musk's Fortune Drops $50 Billion in Two Days
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Elon Musk's Fortune Drops $50 Billion in Two Days
The loss narrows Musk's lead over Bezos, the founder of Amazon.
Elon Musk’s fortune took a $50 billion hit in just two days this week, though he remains the richest man in the world.
Tesla shares plummeted for a second consecutive day on Tuesday, according to Bloomberg, which led to the big loss.
Bloomberg noted it is the biggest two-day decline in the history of its BIllionaires Index. It is the biggest one-day plummet after Jeff Bezos’s $36 billion fall, which happened after he divorced MacKenzie Scott in 2019.
Related: Elon Musk Sinks Tesla Shares With Contentious Twitter Poll
Notably, the loss narrows Musk’s lead over Bezos, the founder of Amazon. He now leads by $83 billion. Musk passed Bezos for the title in January.
The hit to Tesla’s stock came after Musk polled his millions of Twitter followers over the weekend on whether he should sell some of his stock. Over 3.5 million people voted and the majority said “yes.” Musk previously vowed to “abide” by whatever respondents chose.
Earlier this week, news broke that Musk’s brother, Kimbal Musk, sold some of his own Tesla stock before the founder and CEO launched his Twitter poll.
Bloomberg attributes the plummet to both of those events.
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