Elon Musk’s Net Worth Plummets, Loses R1.74 Trillion for the First Time
- Businessman Elon Musk lost about R1.74 trillion ($100 billion) this year as Tesla shares dropped dramatically
- On Monday, 21 November, the company’s shares dropped 6.8% to $167.87 (about R2900) in New York trading
- The shrinking of the billionaire’s fortune was partially due to the Covid-19 restrictions imposed on China
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TEXAS - Elon Musk lost about R1.74 trillion ($100 billion) this year as Tesla shares continue to plummet.
Source: Getty Images
The dip was not enough to knock Musk off his post as one of the richest people in the world, as his fortune of over R2.94-trillion stands tall.
On Monday, 21 November, shares dropped 6.8% to $167.87 (about R2900) in New York trading.
The shrinking of Musk’s fortune was partially due to the Covid-19 restrictions imposed on China, which is Telsa’s biggest market outside the US, according to TimesLIVE.
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The billionaire’s wealth is mostly attributed to the electric-car manufacturing company.
Bloomberg also reported that the firm based in Texas had to recall more than 300 000 cars due to faulty taillights.
Elon Musk sells nearly $4bn in Tesla stock: SEC filing
Briefly News also reported Tesla chief Elon Musk sold nearly $4 billion worth of shares in the electric car company, SEC filings showed Tuesday, more than a week after he closed his $44 billion acquisition of Twitter.
The US Securities and Exchange Commission documents show Musk, who financed much of his Twitter purchase with Tesla stock, sold more than 19 million shares worth in excess of $3.9 billion. Musk took control of Twitter and fired its top executives in late October after a drawn out back-and forth between the world’s richest person and the influential social media company.
He tried to step back from the Twitter deal soon after his unsolicited offer was accepted in April, and said in July he was canceling the contract because he was misled by Twitter over the number of fake “bot” accounts -- allegations rejected by the company. After Musk sought to terminate the sale, Twitter filed a lawsuit to hold the entrepreneur to the deal. But with a trial looming, he capitulated and revived his takeover plan.
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Source: Briefly News
