Elon Musk lost $10.6 billion in a single day amid sexual harassment allegations

Elon Musk, the CEO of Tesla and the world’s richest man, lost a total of $10.6 billion on Friday as sexual harassment allegations prompted investors to sell down stakes in the world’s most valuable car company amid a full-fledged bear market.

Musk was quick to dismiss allegations that he sexually harassed a flight attendant on a private plane in 2016. However, shares in his electric car company, Tesla, fell more than 10 percent before recovering on Friday to close 6.42 percent lower as investors reduced their stakes.

Musk’s net worth has dropped by over $69 billion since the beginning of the year, reducing his net worth to $201 billion from $270 billion at the start of 2022.

The 44.6 percent drop in the market price of Tesla’s shares, from over $1,000 at the start of 2022 to $663.9 per share at the time of writing this report, was largely responsible for the billion-dollar wealth loss.