Why did Elon Musk lose $ 50 billion in 2 days?
In the past two days, between Monday, November 8, and Tuesday, November 9, Elon Musk lost $ 50 billion after Tesla shares plunged for the second day in a row.
(See: Musk’s growing fortune increasingly alienates him from the rest of the world.)
It is the city hall leader’s two-day decline in the history of the Bloomberg Billionaires Index and the chairman fall one day after Jeff Bezos, of $ 36,000 million, after his divorce from MacKenzie Scott, in 2019.
Tesla’s losing streak comes amid tumultuous days for the automaker.
Task started the blade from the week of November 6 and November, when Musk asked his Twitter followers if he should merchant 10% of his stake in the company, followed by the news that his brother Kimbal had sold shares. just poll bets.
To top it all, an ‘Insider’ report on Michael Burry, the investor made famous by the movie ‘The Large Short,’ said Musk might want merchant shares to cover his personal debts.
The drop lessens Musk’s lead over Bezos as the world’s richest person at $ 83 billion.
In January, Musk surpassed the founder of Amazon for the first time, and the gap between the two recently widened to $ 143 billion, a city hall leading figure than the net worth of Bill Gates, the world’s fourth-richest person.
ARK Investment Management, owned by Cathie Wood and whose funds have been selling Tesla shares for the last few quarters, lost more than $ 750 million in the sale on Tuesday, the 9th, while Oracle Corp. founder Larry Ellison, the second-largest shareholder. The company’s largest individual reported losses of $ 2.1 billion.
Despite the drop, Musk’s fortune remains a 70% city hall leader this year as Tesla has reported strong earnings growth and delivery numbers, as well as a chairman valuation for SpaceX.
(See: Elon Musk, richer than most Latin American countries).
The automaker’s market capitalization has remained above $ 1 trillion, a benchmark it reached last month after third-quarter results significantly beat market expectations and car rental company Hertz Global. Holdings will place an order for 100,000 Tesla cars.