Elon Musk Loses $16 Billion In Six Hours As Tesla Stock Plunges 21%
A few days ago, Elon Musk, the founder and CEO of Telsa, lost an estimated $16 billion in six hours as the company's stock plunged by 21% according to reports published by Forbes and Bloomberg.
Musk, who at the end of last month climbed to the third place in the Forbes billionaires list just behind Jeff Bezos and Bill Gates, has dropped to the 8th place after the massive losses. Despite his huge losses, which is larger than the stocks of the majority of Indian companies, Elon Musk still has assets worth over $82 billion as at press time.
It is pertinent to mention that the Tuesday crash in the US technology-related stocks did not only affect Tesla and Elon Musk as Facebook's Mark Zuckerberg and Amazon's Jeff Bezos also reportedly lost $4.2 billion and $7.9 billion respectively.
According to reports, the shares of Tesla, the electric automobile company, crashed 21% because investors speculated that the company would be included in the Standard and Poor (S&P) 500 list by the committee involved.
The assumption is based on the fact that Tesla's stock has performed well for three consecutive quarters without making the S&P 500 list. Unfortunately, Tesla did not make the list, having drastic consequences on the price of its shares. At this point, investors will have no choice than to express optimism that the stocks will recover again.