Musk fortune loses $9 bln on Tesla share decline ‎

Billionaire Elon Musk’s fortune declined by more than $9 billion yesterday, Tuesday, due to a drop in the shares of his electric car company, Tesla.

Tuesday’s trading on the Nasdaq Stock Exchange, Tesla’s stock fell by 12.24% to $108.1, after the company announced fourth-quarter deliveries, which came below expectations.

This prompted Musk’s fortune – CEO of both Tesla and SpaceX – to drop by $9.09 billion to $128 billion, according to the Bloomberg Billionaires Index, after his wealth peaked in November 2021 at $340 billion.

Currently, Musk, 51, is the second richest person in the world, after Bernard Arnault, chairman of LVMH.

This is after Musk became the first person in history to erase $200 billion from his net worth, as of December 31st.

This decline came with the decline in Tesla shares by about 65% in the past year, amid fears of a decline in demand for electric cars and the distraction of Musk’s focus after his acquisition of Twitter.