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Tesla CEO Elon Musk loses record $16.3 billion in 1 day; 5th richest in the world now

The world's wealthiest people have witnessed wild swings in their net worths of late due to market volatilities as retail traders hasten to buy and sell stocks

twitter-logoBusinessToday.In | September 9, 2020 | Updated 15:29 IST
Tesla CEO Elon Musk loses record $16.3 billion in 1 day; 5th richest in the world now
Tesla Founder and CEO Elon Musk is now the fifth richest in the world being worth $82.3 billion, as per the Bloomberg Billionaires Index (BBI)

Tesla Founder and CEO Elon Musk's net worth tumbled by over 20 per cent to $16.3 billion in just six hours of trading on Tuesday, September 8.Tesla's shares saw their worst slump as it was the largest single-day wipeout recorded in the history of the Bloomberg Billionaires Index (BBI).

The billionaire entrepreneur is now the fifth richest in the world being worth $82.3 billion, as per the index.

The 21 per cent share slip came in the wake of news doing rounds about a likely partnership between competitors General Motors and Nikola Corporation.

Also Read: Elon Musk is now world's 4th richest after gaining $8 billion in a day

This deepened a selloff that began last week after Tesla was snubbed for inclusion in the S&P 500 Index, Bloomberg reported.

Investors were expecting the company's inclusion following a smashing quarterly earnings report in July.

The world's wealthiest people have witnessed wild swings in their net worths of late due to market volatilities as retail traders hasten to buy and sell stocks.

Also Read: Elon Musk's net worth tops $100 billion, half of world's richest man Jeff Bezos

Amazon CEO Jeff Bezos lost $7.9 billion on Tuesday, while Zhong Shanshan, founder of China's largest bottled water company Nongfu Spring, added over $30 billion to his fortune, making him the third-richest person in China, after the shares of his company soared following an IPO (initial public offering).

Musk's $16.3 billion rout and Zhong's $30 billion gain are the largest sways in BBI history excluding inheritances, divorces, and redistributions, the report added.

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