Elon Musk is losing money at a terrible rate, now at 3rd richest in the world with net worth of $146 billion
The Tesla CEO has lost nearly $ 60 billion in the past few weeks, making him the fastest loser in the world. The day-long tech stock sell-off has left Elon Musk's net worth just $146 billion, significantly lower than the $200 billion mark the billionaire had reached a few weeks earlier.

In the most recent trading session on March 8, Musk lost $7.1 billion, or 4.73% of his fortune, after investors continued to sell off Tesla shares. This is a bit lower than the drop in Tesla shares. At the end of the first session of the week, Tesla shares lost 5.84% of their value, equivalent to a decrease of $34.95, to $563 / share.

During the weeks of competing for the richest person in the world with Jeff Bezos, the current slump has pushed Elon Musk far from this position. Although Amazon shares were also sold off, Jeff Bezos is currently the richest person in the world with a net worth of $174 billion. In second place is no longer Elon Musk but Bernard Arnault and his family with a fortune of $153.7 billion.

Elon Musk's position is currently 3rd among the richest people in the world. Musk is still a lot richer than billionaire philanthropist Bill Gates, who comes in fourth with $ 124.5 billion. Next is the legendary investment Warren Buffett with 97.7 billion USD.

In fact, Elon Musk's current position is still impressive compared to a year ago. Since the Covid-19 crash, Tesla shares have recovered and rose 743% in 2020. Not only did Musk benefit from the rise in stock prices, Musk also received huge rewards.

All of these things made the wealth of Elon Musk the fastest growing in history. In January, Musk overtook Jeff Bezos for the first time to become the richest man in the world. Musk's fortune peaked later that month at $210 billion, nearly $70 billion more than it currently is.

Stable quarterly profits, Mr. Joe Biden, a clean energy proponent, was elected President of the United States, leaving investors high expectations for Musk's company. Retail investors have also made a big contribution to the Tesla stock rally. For some, however, this skyrocketing norm is a symbol of unsustainability in technology.

The NASDAQ index falls into a similar situation. While the Dow Jones increased strongly in the session on 8/3 with 306.12 points, or 1%, NASDAQ recorded a decrease of 2.4%. Shares of Apple and Tesla led yesterday's decline. Alphabet and Netflix also suffered the same fate, both falling more than 4%. Compared to the peak on February 12, NASDAQ has lost more than 10% of its value.

Meanwhile, the gains from vaccination have also increased expectations that the US economy will bounce back. Along with that, the cash flow was directed to stocks such as banks, which suffered many losses during the epidemic. Shares of airlines or businesses recovering demand for entertainment also increased sharply. Technology stocks, which had benefited a lot from the pandemic, had the exact opposite situation, having risen sharply during the time of Covid-19's raging.

Global Trends

Giving you feeds on what's happening in America and the world at large. Be it in tech, politics, entertainment, health and sports..

Post A Comment:


Be Civil, No Spam!!!