New post Thank you for 2021. Expecting a bigger you in 2022 Read More

News

Elon Musk Lost $27 Billion As Tesla Share Suffers Decline

1 Mins read

Tesla CEO, Elon Musk’s net worth experienced a plunged last week after Tesla shares, which was on a stunning rise, went down the chart.

While Tesla’s stock fell by 11.5%, Mr Musk, who owns nearly 18% of Tesla’s shares, took most of the hit that came with the massive sell-off.

According to Bloomberg’s Billionaire Index, the fall in stock led to Elon Musk’s wealth going down by about 27 billion dollars.

Putting this is perspective, the decline in Musk’s net worth is roughly same as the entire fortune held by Dyson founder – James Dyson – who is the 52nd richest person in the world.

Since the beginning of the year, SpaceX CEO, Elon Musk, and Amazon CEO, Jeff Bezos have been shuffling the top of Bloomberg’s list of richest people in the world.

Going by the recent dip in Musk’s assets, he now sits in a distant second place with $157 billion, when compared to Jeff Bezos’ net worth of $177 billion.

Elon Musk, however, remains $21 billion ahead of Bill Gates, who remains the third-richest person in the world.

Read also: SpaceX’s SN9 Starship Prototype Suffers Explosion After Failed Landing

Tesla took a leap to the become the fifth most valuable company on the stock market after its stock gained 743% in 2020.

Tesla stock continued to climb in the early weeks of 2021, gaining another 25% on January 26, according to CNN.

The plunge experienced by Tesla has sent the company’s market value down to the seventh position – behind Facebook and Berkshire Hathaway.

Analysts have predicted that even if Tesla’s stock continues to sink, Elon Musk still stands to become much richer in 2021 and beyond.

According to CNN, Musk received four grants to buy 8.4 million Tesla shares each in 2020. Each of those was worth $4.5 billion at Friday’s closing price.

Musk is also the largest shareholder at SpaceX. The company completed a funding round last month.

Although, the details of the round is undisclosed, reports have it that the $850 million raised, has increased the valuation of that company.

503 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Articles
Related posts
News

WhatsApp to let users leave groups silently, and hide online status

2 Mins read
WhatsApp has announced new features that are intended to improve the privacy of its users. With one of the new features, WhatsApp…
MobileNews

Google begins merger of Duo and Meet as part of its service consolidation

1 Mins read
Google has began rolling out the merger of two of its communication apps. Google had announced in June that it is bringing…
NewsStartups

Call for applications: Startup Battlefield 200 for early-stage startups

1 Mins read
Tech and startup focused online newspaper, TechCrunch, is receiving applications for its Startup Battlefield 200 (SBF 200). SBF 200, according to the…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply