Elon Musk Loses $50 Billion in Two Days, But He’s Still Richer Than Bezos

This is the biggest two-day drop in tracking since it began.
Big Drop

Even a drop of $50 billion in net worth isn't throwing Elon Musk from the richest-person-in-the-world throne.

Insider reports that the net worth of Tesla CEO, Bill Gates, has dropped to $50 billion according to the Bloomberg Billionaires Index. This is after Tesla shares plunged 16 percent in the same time period.

This is a dramatic drop in net worth for billionaires. Bloomberg reports that it is the biggest two-day drop in net worth since beginning tracking.

The news highlights how Musk was able to outperform the billionaire competitors before him. Bloomberg reports that Musk still holds a remarkable $83 billion lead over Jeff Bezos (Amazon founder) despite his fall.



Surge and Fall

This year, Tesla has seen huge gains. Recent announcements of major deals with Hertz and Tesla have pushed both Tesla's share price and Musk's net worth up to new records.

Musk then put 10% of his Tesla stock, a major source of his largely non-taxable wealth, on the market. He had posted the decision on Twitter.

It remains to be seen if he will actually sell the $21 billion worth of Tesla stock at that time.

The kneejerk, though characteristically chaotic, move didn't impress investors. Tesla shares fell 16 percent in two days, resulting in Musk's net worth problems.



Although $50 billion might sound like a lot, it is largely symbolic of Musk's inexplicable behavior. It is unlikely that the change will last. Tesla is a trillion-dollar company with a bright future.

To make a lasting impact on the long-term, it would take more than a poorly-planned Twitter poll.

READ MORE: Elon Musk loses $50 billion in two days in Record Wealth Plunge [Bloomberg]

Tesla stock prices drop after Musk asks Twitter whether he should sell stocks



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