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Elon Musk Out Of $200 Billion Club As Tesla Shares Tumble 7%
Despite having over nearly $8 billion lopped off his net worth, Elon Musk still stands as the world's richest person.

The $200 Billion Club Loses Last Member As Elon Musk's Wealth Tumbles

Image: NDTV

Elon Musk has fallen out of the elite $200 billion clubs for the second time in a year after Tesla shares tanked almost 7 percent on Tuesday.

Tesla shares remain under the sell-off pressure due to which Elon Musk’s net worth declined to settle at $192.7 billion, a drop of 5.40 percent, the lowest level since 26th August 2021, according to the news agency Bloomberg.

Despite having nearly $8 billion lopped off his net worth, Elon Musk still stands as the world’s richest person. This still places him far ahead of the world’s second-richest person, Amazon founder Jeff Bezos, whose net worth as per Bloomberg Billionaires Index is estimated to be at $127.80 billion.

However, Musk continues to dominate the list of Bloomberg Billionaires Index. Amazon.com Inc’s Jeff Bezos is placed at the number two spot with $127.80 billion worth of wealth.

In March 2022, Elon Musk’s net worth slumped below $200 billion after the market crash. Tesla’s co-founder managed to recover losses after markets rebounded strongly after that crash.

Back Story

since then, Mr. Musk has been engaged in a highly public attempt to buy the social media platform. And Tesla’s stock has been in a freefall, sinking to US$620.57 at its lowest on Tuesday and wiping out almost half its market capitalization after touching a record high last November.

Since Mr. Musk revealed his Twitter stake, Tesla shares have plunged 42 percent compared with a 13 percent decline in the S&P 500 Index and a 26 percent drop in the S&P 500 consumer discretionary sector.

It is the seventh-worst performing stock in the S&P 500 over that time and the third-biggest drag in terms of index points.

Tesla also has dramatically underperformed most of the market’s other major tech growth stocks since April 4, including Facebook parent Meta Platforms, Apple, Amazon.com, and Google parent Alphabet.

Streaming service Netflix is the only FAANG name to be putting up a worse performance than Tesla since the news broke of Mr. Musk’s Twitter position.

Elon latest Tweet

Tesla CEO Elon Musk has tweeted that he is a rare exception as a rich person who has many kids as most rich people he knows have zero or one kid. “Contrary to what many think, the richer someone is, the fewer kids they have. I am a rare exception,” the billionaire who has seven children tweeted. Elon Musk has recently argued that the narrative that people are not having kids because it is harmful to the environment is “total nonsense”.

Tesla Elon Musk is always in news. In his most recent tweet, the billionaire mentioned how the fertility rate in the United States has been below the replacement level of 2.1 for the past 50 years.

But his subsequent tweet is what led to the buzz online. “Contrary to what many think, the richer someone is, the fewer kids they have. I am a rare exception. Most people I know have zero or one kid,” tweeted Musk.

The post has received more than 1.2 lakh likes on Twitter since being shared on Tuesday.

Replying to Musk’s tweet, a person said, “Honestly the major reason for that is people can’t afford to have kids,” but Musk replied and asked, “Then why is it that the richer someone is, the fewer kids they have?”

 

 

 

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