Elon Musk wealth: Elon Musk loses $27 billion as historic wealth gains unravel

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By Devon Pendleton


Elon Musk set data final 12 months for one of many quickest streaks of wealth accumulation in historical past. The reversal is underway, and it’s steep.

The Tesla Inc. chief govt officer misplaced $27 billion since Monday as shares of the automaker tumbled within the selloff of tech shares. His $156.9 billion web value nonetheless locations him No. 2 on the Bloomberg Billionaires Index, however he’s now nearly $20 billion behind Jeff Bezos, who he topped simply final week as world’s richest particular person.

Musk’s tumble solely underscores the hard-to-fathom velocity of his ascent. Tesla shares soared 743% in 2020, boosting the worth of his stake and unlocking billions of {dollars} in choices by means of his historic “moonshot” compensation bundle.

His gains accelerated into the brand new 12 months. In January, he unseated Bezos as the world’s richest particular person. Musk’s fortune peaked later that month at $210 billion, based on the index, a rating of the world’s 500 wealthiest folks.

Consistent quarterly earnings, the election of President Joe Biden along with his embrace of fresh applied sciences and enthusiasm from retail buyers fueled the corporate’s rise, however for some, its swelling valuation was emblematic of an unsustainable frothiness in tech. The Nasdaq 100 Index fell for the third straight week on Friday, its longest streak of declines since September.

Bitcoin Investment

Musk’s fortune hasn’t been solely topic to the forces buffeting the tech business. His web value has risen and slumped just lately in tandem with the worth of Bitcoin. Tesla disclosed final month it had added $1.5 billion of the cryptocurrency to its stability sheet. Musk’s fortune took a $15 billion hit two weeks later after he mused on twitter that the costs of Bitcoin and different cryptocurrencies “do seem high.”

Extreme volatility has roiled most of the world’s largest fortunes this 12 months. Asia’s once-richest particular person, Chinese bottled-water tycoon Zhong Shanshan, relinquished the title to Indian billionaire Mukesh Ambani final month after dropping greater than $22 billion in a matter of days.

Quicken Loans Inc. Chairman Dan Gilbert’s web value surged by $25 billion on Monday after his mortgage lender Rocket Cos. was mentioned to be the subsequent goal of Reddit day merchants. His fortune has since fallen by nearly $24 billion. Alphabet Inc. co-founders Sergey Brin and Larry Page are among the many largest gainers on the index this 12 months. They’ve every added greater than $13 billion to their fortunes since Jan. 1.

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