Elon Musk’s wealth slumps $20.3 billion as Tesla shares tumble; narrows gap between world’s two richest people
Elon Musk’s wealth slumped $20.3 billion on Thursday after Tesla Inc. warned that it may have to keep cutting the prices of its electric vehicles, sending its shares tumbling. This drop in net worth to $234.4 billion is the seventh-largest decline ever among those in the Bloomberg Billionaires Index.
Moreover, it further narrows the wealth gap between Musk and Bernard Arnault, the world’s two richest people. However, after the slump, Musk’s fortune still exceeds that of Arnault by about $33 billion. Arnault is the chairman of luxury goods maker LVMH. Earlier in June, Elon Musk crossed Bernard and became the world's richest person after shares of LVMH fell 2.6 percent in Paris trading.
Musk and Arnault have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index. Also read: Global markets update: Tesla, Netflix drag down S&P 500 and Nasdaq Meanwhile, Musk wasn’t the only US technology billionaire having a tough day. Amazon.com Inc.’s Jeff Bezos, Oracle Corp.’s Larry Ellison, former Microsoft Corp.
CEO Steve Ballmer, Meta Platforms Inc.’s Mark Zuckerberg and Alphabet Inc. co-founders Larry Page and Sergey Brin too shed a collective $20.8 billion in net worth as the tech-heavy Nasdaq 100 fell 2.3 percent. Shares of Austin-based Tesla slid 9.7% to $262.90 in New York, the most since April 20, after the company warned of more hits to its already-shrinking profitability.
Read more on livemint.com
