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.

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, according to the Bloomberg Billionaires Index.

He is now firmly in the No. 2 spot 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.

3,919 total views, 9 views today

Facebook Comments

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

As you found this post useful...

Follow us on social media!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Kanye West is seeking joint legal and physical custody of his four children with Kim
For the first time in medical history, a baby boy has been born with three
Kanye West has become the richest Black man in U.S. history, as it's revealed he's now
Rapper, Drake has reportedly been sending messages to Kim Kardashian following her split from husband Kanye
Former Kwara state governor, Abdulfatad Ahmed and his wife, Omolewa, have welcomed a baby boy.

Author: Daniel Said✩✷