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Elon Musk Loses Record $16.3 Billion In Just One Day

by : Cameron Frew on : 09 Sep 2020 11:54
Elon Musk Loses Record $16.3 Billion In Just One DayElon Musk Loses Record $16.3 Billion In Just One DayPA Images

Tesla CEO Elon Musk lost a record $16.3 billion in a single day, after the company’s shares plummeted by 21%. 

In just one day, $100 billion fell from Tesla’s market value, its biggest ever decrease, which comes after what seemed like a triumphant rally of stock.

For Musk, his loss in net worth has made history – it’s the biggest single-day drop in the existence of Bloomberg‘s Billionaire’s Index.

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Elon MuskElon MuskPA Images

The 49-year-old is now worth $82.2 billion, no longer a centibillionaire and taking a dive down the rich list to sixth place behind Bernard Arnault and Warren Buffett, who are fourth and fifth respectively.

Tesla’s haemorrhage comes amid a rout of US technology stock, with Bill Gates also losing $2.05 billion, Facebook’s Mark Zuckerberberg losing $4.26 billion and Amazon CEO Jeff Bezos losing $7.94 billion.

However, these three titans remain above the $100 billion threshold, with Zuckerberg valued at $103 billion, Gates at $121 billion and Bezos at an eye-watering $186 billion.

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Amazon boss Jeff BezosAmazon boss Jeff BezosPA Images

Unfortunately for Musk, Tesla was by far the worst-affected. As per the MailOnline, its shares dropped by 21.1% at $330.21. Following a period of ascension for the company, the car maker is now valued at $308 billion, compared to more than $420 billion earlier this month.

There’s also the small matter of Nikola Corp. and General Motors Co.’s partnership, competitors of Tesla. With shareholders selling off stock, shares quickly fell from $500.

Elon Musk Elon Musk PA Images
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To fully illustrate the extent of Musk’s stumble, on September 1 he’d passed Zuckerberg to become the third-richest person in the word, previously sitting with a cushy fortune $115 billion.

This came after Tesla’s relentless stock rally, enjoying a stock split of 5-1 that saw its value exceed that of Walmart Inc., still the largest company in the US by revenue. At this point, Musk’s net worth had increased by $87.8 billion throughout 2020, enabling his brief stint as a centibillionaire.

Musk has been rather aloof about net worth in the past. Previously, he said he ‘really couldn’t care less’ about the figures, apparently. ‘These numbers rise and fall, but what really matters is making great products that people love,’ he said in July.

Elon Musk Elon Musk PA Images
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However, comments like that are usually in reference to much smaller drops and gains – not more than $16 billion. Nevertheless, with Tesla still immensely successful and SpaceX continuing to take off, his bank balance won’t be empty any time soon.

It’s not all doom and gloom for the world’s entrepreneurs; over in China, Zhong Shanshan, the founder of bottled water firm Nongfu Spring Co., added more than $30 billion to his fortune. He’s now the third-richest person in China.

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Cameron Frew

After graduating from Glasgow Caledonian University with an NCTJ and BJTC-accredited Multimedia Journalism degree, Cameron ventured into the world of print journalism at The National, while also working as a freelance film journalist on the side, becoming an accredited Rotten Tomatoes critic in the process. He's now left his Scottish homelands and taken up residence at UNILAD as a journalist.

Topics: News, Billionaires, Bloomberg Billionaires Index, Elon Musk, Money, Now, Rich List, Stock, Tesla, US

Credits

Bloomberg and 1 other
  1. Bloomberg

    Bloomberg Billionaires Index

  2. MailOnline

    Elon Musk loses record $16.3 billion in just ONE DAY amid rout in US technology stocks which saw shares in his electric car firm Tesla plunge 21%