Elon Musk Falls to second place as he loses $27billion in just one week. Elon Musk, the CEO of Tesla, has lost $27 billion in a week due to a drop in the company’s stock price.
According to the Bloomberg Billionaires Index, Musk, 49, was worth $157 billion after markets closed on Friday, a 15% drop in his net worth from the start of the week.
After months of competing with Jeff Bezos for the position of world’s richest man, he is now comfortably in second place with $20 billion CEO Jeff Bezos.
This follows a reported dramatic selloff in the tech sector, with Tesla shares being hit the hardest of all, dropping nearly a third since their all-time high in January.
Tech shares soared more than the rest of the market for much of the pandemic. But on Friday, the company’s shares dropped as much as 13% before closing down 3.8% at $597.95, the lowest since Dec. 3. Only this week, the market shed 11% of its worth, bringing its losing streak to four weeks, the longest since May 2019.