Business
Tech Rout Plunges Elon Musk Net Worth by $7.24 Billion
Elon Musk’s net worth dropped by $7.24 billion on Wednesday when tech stocks declined across the board.
Musk, Chief Executive Officer and founder of Tesla Inc, saw his total net worth declined by $5.48 billion from the year-to-date to $164 billion, behind Jeff Bezos’s $181 billion.
Bezos’s net worth also declined by $2.66 billion on Wednesday to take its year-to-date decrease to $9.03 billion.
Tesla’s stock price dropped with other global tech giants when the government announced a likely move to go after Chinese tech companies and threaten to delist them from U.S Exchanges.
The announcement saw Alibaba losing as much as 4 percent in Hong Kong while the U.S stock selloff of Chinese tech stocks wiped about 20 percent off U.S-listed Chinese companies.
Tesla dropped from $697 per share on Monday to $613 on Thursday before rebounding slightly in the early hours of Friday to $640.39 a unit. This added $2.30 billion to Musk’s total net worth to cut his loss from the year-to-date by about 30 percent to $3.18 billion.
Meanwhile, Elon Musk had said customers can now purchase Tesla vehicles with Bitcoin.
The technology company announced on Wednesday, joining leading companies that have made the switch from just fiat to fiat and digital currencies.
