Elon Musk Lost $27 Billion In One Week
I was pretty devastated when I realised I’d lost a £2 coin over the weekend, but the fact that Elon Musk lost $27 billion in a week really puts things in perspective.
That perspective being; Musk can lose $27 billion and pretty much carry on as normal, whereas that £2 was a real loss to me.
The billionaire saw great success with his car company, Tesla, in 2020 as it soared by 743%, leading Musk to overtake Jeff Bezos as the world’s richest person in January.
His fortune peaked at $210 billion, according to Bloomberg, but his recent huge loss came after Tesla’s share price plunged between March 1 and March 5, bringing the owner’s net worth to $156.9 billion after the markets closed on Friday.
Musk still features high on the Bloomberg Billionaire’s Index, but the loss puts him in second place, almost $20 billion behind Amazon CEO Bezos.
Stock analysts have long warned of the existence of a ‘bubble’ in the tech sector, which has been fuelled in part by support from small investors. Last week marked a drop of 3.8% for Tesla, and a total drop of 15.3% this year.
Musk’s own companies haven’t been the only thing affecting his net worth recently, as Bloomberg notes that his wealth has also risen and slumped in relation with the price of Bitcoin.
Last month, Tesla revealed it had added $1.5 billion of the cryptocurrency to its balance sheet. Musk has been vocal about investments and stocks in recent weeks, and he lost $15 billion after musing on Twitter that the prices of Bitcoin and other cryptocurrencies ‘do seem high.’
In spite of the hits, Musk remains the second-richest man in the world, so there’s no need to worry about him just yet.
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