Elon Musk’s net worth falls below $200 billion for the first time since August 2021.
Musk, the world’s richest man and Tesla’s CEO, lost over $11 billion in a single day because of selling pressure seen in the stock of the world’s most valuable car company.
This comes after he 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 worth about $193 billion after Tuesday’s trading session, according to the Bloomberg Billionaires Index.
A flurry of concerns about Tesla and CEO Elon Musk, pushed shares of the electric-vehicle maker to an 11-month low on Tuesday-even as one of the firm’s staunchest supporters continued to back the company.
In the wake of Tuesday’s stock downgrade, the electric carmaker share price fell 7 percent to $628, dropping nearly 49 percent from its highs of November.
Tesla’s market cap, which has dropped from $1.2 trillion to $650 billion, has fallen by more than $30 billion.