HomeGistElon Musk loses $27billion in just one week and falls behind Jeff...

Elon Musk loses $27billion in just one week and falls behind Jeff Bezos to become the world’s second-richest man

 

Elon Musk loses $27billion in just one week and falls behind Jeff Bezos to become the world's second-richest man

Tesla’s CEO, Elon Musk, has lost $27 billion in wealth in the space of one week amid a selloff in the company’s stock.

According to the Bloomberg Billionaires Index, musk, 49, was worth $157 billion after markets closed on Friday, marking a 15 percent plunge in his net worth from the beginning of the week.

He is now firmly in the No. 2 spots and $20 billion CEO Jeff Bezos, after vying for months with Jeff Bezos for the title of world’s richest man. 

This comes after a reported rapid selloff in the tech sector, with Tesla shares hit harder than most and falling nearly a third from their all-time peak 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. The stock lost 11% of its value just this week, extending its losing streak to four weeks, the longest since May 2019.

More Related Articles

Sign up to receive awesome contents in your inbox, everyday in the morning.

We don’t spam! Read our privacy policy for more info.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We use cookies to ensure that we give you the best experience on our website.