Elon Musk Is Still the Richest Man Even After Losing R759 Billion in 2 Days, Tesla Stocks Plummet
- Tesla CEO, Elon Musk lost over R700 billion in just two days after Tesla stocks to huge plunge on Monday and Tuesday
- The stock price dropping can be blamed on a Twitter poll Musk published over the weekend and a tweet from a famed short-seller
- Tesla stocks are also on shaky ground after it was revealed that Musk's brother, Kimbal Musk sold over 88 000 of his Tesla shares a week before Musk's Twitter poll
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Space entrepreneur and Tesla CEO, Elon Musk is still the richest man on planet earth despite Tesla stocks taking a plunge by 19% over two days. The stock plummeting saw Musk losing R759 billion.
Telsa's stocks took a plunge after multiple articles, as well as tweets posted by Musk this past weekend and an infamous short-seller, made the headlines.
Source: Getty Images
According to BusinessInsider, Musk asked his followers in a poll on Twitter if he should put up 10% of Tesla stocks for sale to pay taxes. His followers responded by saying 'yes' which resulted in Tesla stocks dropping by 7% on Monday, 8 November.
Telsa stocks took an additional plunge after short-seller Michael Burry, tweeted that the Tesla CEO could be selling his stocks to pay off debts. By Tuesday, the electric vehicle company's shares price dropped by 12%.
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Despite the rough week for Tesla stocks, Musk is still richer than Amazon CEO Jeff Bezos by a long shot. Musk is now worth R4.9 trillion while Bezos is worth R.3.05 trillion.
Elon Musk's brother sells his Tesla shares
According to Fin24, Tesla's share price was also affected by the news that Kimbal Musk, the Tesla CEO's brother sold a large portion of his shares a week before Musk's tweet.
Kimbal sold 88 500 of his Tesla shares valued at R18 679,38 per share. In total, he received R1.6 billion for the sale of his shares.
Social media users react
Some people on social media seem to think that Musk deliberately made Tesla stock prices drop just so he can pay less on taxes.
Here are some of their remarks:
@StevePayaslian said:
"How is this poor guy going to put food on his table?"
@mateushh_w said:
"He could sell it a week ago and sort out World hunger."
@KatinLexington said:
"This is really getting ridiculous."
@Ajdrudaglover said:
"Sounds like a fine way to pay fewer taxes to me. He knew what he was doing."
@AnchanAneesh said:
"It's a strategy to pay less tax."
@bhonest2yoursel said:
"God dosent like ugly at all, Elon Musk was asked to donate 2% of his worth to mitigate the World hunger,he responded by asking the UN Food program to provide evidence that if his 6,000,000,000 will really help reduce hunger. Now he has lost way more he was bargaining to donate."
Elon Musk can fund Mzansi for-2 years and still be rich rich
Briefly News previously reported that Elon Musk, South African born Space entrepreneur and Tesla CEO is now so wealthy that he can fund the entire country for two whole years and still be richer than some of the wealthiest people in South Africa.
Just a few days prior, Musk was worth R3.7 trillion, however, a surge in Telsa stocks saw Musk's wealth reaching a whooping R4.25 trillion.
Musk is not only the car company's CEO, but he also has a large number of shares vested in the firm, according to Fin24.
Tesla's stocks shot up after car leasing company Hertz made a huge order for electric vehicles from the company.
Source: Briefly News
