On Wednesday, Elon Musk lost a huge amount of money since shares of Tesla and SpaceX took a huge dip. On September 1st, Elon Musk had reached the position of world’s third-richest person since the shares of Tesla made his wealth rise to $115.4 billion. However, as of Wednesday, after losing $16.3 billion in a single day, his net worth came down to $82.2 billion, according to Bloomberg Billionaires Index.
As a result of losing money, his position has come down to 6th on the Bloomberg Billionaires Index paving way for Warren Buffet and Bernard Arnault.
$16 billion is an amount greater than the entire market values of many companies in India which makes Musk losing money a huge deal. Complete stocks of UltraTech Cement, Titan, and HDFC Life are worth less than $16 billion. Today, in India there are mere 21 companies whose valuation is more than the amount Musk lost in a single day.
Shares of Tesla had been on a rise in hopes that it would get added to the S&P 500. Such expectations were put on the company ever since its phenomenal performance in the quarterly innings report of July. However, that did not happen. Hence, the company’s shares dipped by about 20% leading to Musk losing this huge amount of money.
This month is not unfortunate just for Musk though. World’s richest men like Jeff Bezos’ net worth went down to $186 billion after losing $7.9 billion in 1 day. Mark Zuckerberg lost around $4.6 billion and even Bill Gates’ fortune went down by $2.05 billion.
Mukesh Ambani is the only person out of the top 10 richest people whos net worth saw a huge increase of $421 million in just 24 hours.
As a result of the poor run on Tuesday’s stock market in the US, billionaires Larry Page, Sergey Brin, and Steve Ballmer also lost money worth billions of dollars.