- Elon Musk’s fortune fell 5.4% to $193 billion on Tuesday as Tesla shares fell 7%.
- Uncertainty over Musk’s purchase of Twitter has led to a massive sell-off in Tesla’s shares, which are down 41% this year.
- Musk’s fortune is no longer $200 billion, but he’s still $65 billion richer than Jeff Bezos.
Elon Musk quit the $200 billion club after that Tesla Shares were down 7% on Tuesday.
Musk’s fortune fell 5.4 percent to $193 billion as the electric car maker’s share price fell, according to Bloomberg Which means he lost $11.1 billion in one day.
Tesla is down 41% year-to-date, as the tech sector sells out more broadly. It’s down less than 38% since then Musk struck a deal to buy Twitter for $44 billion last month.
Musk has sparked controversy since the upcoming acquisition was announced Threatens to cut his offer based on the number of bots on the social media platform. Ongoing uncertainty appears to have eroded Tesla’s value.
“This circus show has been a huge drag on Tesla stock,” Wedbush’s Dan Ives said in a note on Monday. “Musk faces a critical situation as he must decide his next step in this series, as the Tesla investor’s patience is becoming increasingly impatient.”
Musk has already pulled out of the $200 billion club twice this year – Once in February Then again in March. Stock market rallies have pushed him back above that threshold on both occasions.
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It is now the lowest level since last August, according to Bloomberg Billionaires Index. He’s lost just under $78 billion this year, but he’s still comfortably the richest person in the world.
Musk is $65 billion richer than Jeff Bezos, who lost $65 billion this year, with Amazon Down 38% year-to-date. Bill Gates and Warren Buffett LVMH The fortunes of Chairman Bernard Arnault and Indian industrialist Gautam Adani are more than $100 billion.
“Twitteraholic. Total bacon fan. Explorer. Typical social media practitioner. Beer maven. Web aficionado.”