Tesla CEO Elon Musk is now really worth $288 billion, in accordance to the Bloomberg Billionaires Index.
Musk's $50 billion loss comes on the lower back of a 16% decline in Tesla's share fee this week.
He's nevertheless the richest man on earth, main second-wealthiest man Jeff Bezos through $82 billion.
It's solely Wednesday, however Tesla CEO Elon Musk has already misplaced $50 billion this week after shares of Tesla tanked 16% in two days.
The huge losses come on the lower back of a string of headlines, which include tweets from Musk himself and some other tweet from a famed short-seller.
According to the Bloomberg Billionaires Index in its modern day update, Musk is really worth $288 billion after the losses. The $50 billion misplaced marks the biggest two-day decline in the records of the index, in accordance to Bloomberg.
Tesla's share expenditures fell sharply this week after Musk requested his Twitter followers over the weekend if he must promote 10% of the stock he holds to pay taxes. The effects have been a resounding sure - inflicting Tesla share expenditures to fall as a great deal as 7% on Monday.
Tesla's share expenses got here below extra strain on Tuesday - falling as plenty as 12% - after famed short-seller Michael Burry advised in a now-deleted tweet that Musk may additionally prefer to promote his shares to cowl his private debts. Share expenses have been additionally hit through information that Musk's cousin and director of the EV company, Kimbal Musk, offered over $100 million of Tesla inventory final week.
Despite the sharp decline this week, Tesla shares are nevertheless up 40% year-to-date - and Musk is nevertheless the richest man on earth, main second-wealthiest man Jeff Bezos with the aid of $82 billion, in accordance to the Bloomberg Billionaires Index.
This article used to be amended to replicate up to date figures from the Bloomberg Billionaires Index. An until now model put Musk's internet really worth at $323 billion on Wednesday.
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