Elon Musk wealth fell $ 27 billion over the past week. This news is according to the Bloomberg Billionaires Index. This is because of the fall in Tesla’s stock.
A week ago, tech companies’ stock prices fell heavily on Wall Street. It’s due to concern about rising bond yields, which make borrowing more expensive. This can reduce the company’s profits.
Tesla’s Stock is Down 11.5%
In the last week, Tesla’s share price has dropped 11.5%. Elon Musk, who owns 18% of Tesla’s shares, took most of the ‘losses’, citing CNN International, Monday (7/3/2021).
This decline in Elon Musk’s wealth is equivalent to that of the 52nd richest person in the world, Dyson’s founder, James Dyson.
As a result of this decline, Elon Musk became the second richest person in the world with a total wealth of US $ 157 billion. Amazon CEO Jeff Bezos is in first place, who has a fortune of US $ 177 billion.
Tesla’s stock became one of the idol investors of Wall Street. The electric carmaker’s share price jumped 743% throughout 2020, making Tesla the fifth most valuable company on the United States (US) stock exchange.
After its share price has plunged 15% in 2021. Tesla’s stock is now ranked seventh on the list of most valuable companies on the US stock exchange. It was behind Facebook and Berkshire Hathaway, but still ahead of JPMorgan Chase.
Thanks to the skyrocketing performance of Tesla’s shares throughout 2020, Elon Musk will receive a grant to buy 8.4 million Tesla shares. The value is estimated to reach US $ 5 billion at the close of Friday (5/3/2021).