Elon Musk Lost $ 27 Billion in One Week

Tesla stock fell 11.5% in one week. A decline costly to its main shareholder, Elon Musk.

In the past month, tech stocks have paid the highest price, in terms of prices, on Wall Street. The Nasdaq has lost 6.7% and has practically zeroed the gains from the beginning of the year (+ 0.25%). Tesla, which has entered the S&P 500 index since December, remains one of the technology stocks par excellence on Wall Street. Premise: Tesla gained 743% in 2020. Report: in the last month it has lost 30.7%, going from 863 to 597 dollars. Tesla founder Elon Musk owns about 18% of the company’s shares and it was he, of course, who suffered the biggest consequences of the stock decline.

In just one week Elon Musk lost $ 27 billion (we’re always talking about the value of stocks, not the money Musk had in his checking account) due to the 11.5% drop in Tesla shares. The data comes from the Bloomberg Billionaires Index and is equivalent, to give an idea, to the total assets of James Dyson, the 52nd richest man in the world and founder of the company that bears his name. Also according to the same index, Musk is now a whopping $ 157 billion behind Jeff Bezos, who leads the rankings, and keeps Bill Gates 22 billion behind.

In this end of 2021 Tesla has moved from fifth place among the companies with the largest capitalization to seventh, surpassed by Facebook and Berkshire Hathaway. But despite Tesla’s decline, CNN Business notes, 2021 could also prove very profitable for Elon Musk, who is expected to receive more billion-dollar bonuses for the purchase of more Tesla shares, based on the results achieved. So far Musk has never sold Tesla shares and he does not receive a salary from the company he founded, but his compensation is paid in bonuses for the purchase of shares to be paid upon achieving certain objectives.

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