Formerly the world’s richest man, CEO of Tesla, Inc., Elon Musk has lost $27 billion in 4 days following a falloff of tech stocks.
Last year, the South African-born business magnate, industrial designer, and engineer set a record for one of the fastest run of wealth accumulation in history but unfortunately, the billionaire is currently facing a downward slope in his earnings.
The 49-year old’s net worth experienced a 15 percent plunge after markets closed on Friday making his worth drop to $156.9 billion per a report from Bloomberg Billionaires Index.
Since the beginning of the year, Elon Musk and Jeff Bezos have been battling for the number 1 spot in an interesting fashion but due to this sudden fall, Elon Musk now sits at the No.2 position on the World’s Richest Men ranking thus $20 billion behind the CEO of Amazon, Jeff Bezos, who boasts of $177 billion net worth.
Elon Musk, however, remains $21 billion ahead of the founder of Microsoft, Bill Gates, who remains the third-richest person on the planet followed by Bernard Arnault, and Mark Zuckerberg, founder and CEO of Facebook, Inc.
In 2020, Tesla’s shares grew by 743% propelling the automobile company into the No.1 spot for the most valuable car company in the world and No. 5 on the list of most valuable companies on the stock market. The stock continued to soar high from January to early weeks in February by a 25% increase until Friday, when 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.