Elon Musk Loses $16 Billion In Six Hours As Tesla Stock Plunges 21%

in Project HOPElast month

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.

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It is very clear that large technology and digital segment companies are suffering a large drop in their shares, without thinking about the current situation in each nation. nevertheless the lack of investors the actions arrive to fall in tails.

Tesla shares gained so much over the previous days, it is reasonable to have some pull backs

Someone actually made a joke out of this he was asking for a similar type of wealth where even if he lost a similar amount he will still be ranked one of the top richest men, but it must have been a tough time for Jeff o suppose, he might also be used to things like this already happening.

 last month 

Hi @gandhibaba

I wans't aware that Tesla plunged so badly. this is surely quite a heavy drop.

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.

I could never understand why wealth is measured the way we measure "market cap". Musk probably wouldn't be able to sell half of his assets without crashing the price, so his wealth was always worth less than those huge official numbers.

Anyway, tesla has been nothing but "zombie" for quite sometime already.

ps. any idea what caused recent Tuesday crash? Were some new crazy regulations implemented lately, which would affect tech industry?

Yours, Piotr

The crash occurred because of misinformed market speculations but it is bouncing back already. Actually, I agree that the market cap approach to evaluating wealth may have to be reviewed. Cheers!

And not being included could be a blessing. Musk's recent successes and push for cutting edge innovation may have him poised to ride up along the AI and blockchain skyrocketing. Hard to imagine that some traditionalists are still betting against even AI but they're out there.

surely Elon he was prepared for that and more.

you're right, friend.

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