- Elon Musk’s wealth fell 5.4% to $193 billion on Tuesday as Tesla shares fell 7%.
- Uncertainty over Musk’s purchase of Twitter has sparked a sell-off in Tesla shares, which have fallen 41% this year.
- Musk is no longer worth $200 billion, but he is still $65 billion richer than Jeff Bezos.
Elon Musk is out of the $200 billion club after Tesla shares fell 7% on Tuesday.
Musk’s wealth fell 5.4% to $193 billion as the electric carmaker’s share price fell, according to Bloomberg, meaning he lost $11.1 billion in a single day.
Tesla is down 41% year-to-date as the tech sector has sold off more broadly. It’s down just under 38% since Musk struck a deal to buy Twitter for $44 billion last month.
Musk has stirred controversy since the potential acquisition was announced by threatening to cut his offer based on the number of bots on the social media platform. The ongoing uncertainty appears to have taken a toll on Tesla’s value.
“This sideshow has been a huge glut for Tesla stock,” Wedbush’s Dan Ives said in a note on Monday. “Musk faces a fork in the road where he has to decide his next move in this soap opera, as Tesla investors’ patience is running out.”
Musk has already dropped out of the $200 billion club twice this year, once in February and then again in March. Stock market rallies pushed it back above that threshold both times.
it is now the lowest since last August, according to the Bloomberg Billionaires Index. He’s lost just under $78 billion this year, but he’s still comfortably the world’s richest person.
Musk is $65 billion richer than Jeff Bezos, who has lost $65 billion this year, and Amazon is down 38% year-to-date. Bill Gates, Warren Buffett, LVMH chairman Bernard Arnault, and Indian industrialist Gautam Adani are also worth more than $100 billion.