Do you think you had a bad week? Elon Musk lost $ 27 billion
Elon Musk set records last year for one in all the fastest streaks of wealth accumulation in history. the autumn is on, and it's steep.
Since Monday in the week, Tesla's chief executive lost $ 27 billion because the automaker's shares tumbled within the tech stock sell-off. His net worth of 156.9 billion still puts him in second place on the Bloomberg Billionaires Index, but he's now nearly $ 20 billion behind Jeff Bezos.
Musk's fall only underscores the difficult-to-comprehend speed of his rise. Tesla shares soared 743 percent in 2020, increasing the worth of its stake and unlocking billions of dollars in options through its historic "moonshot" compensation package.
His earnings accelerated into the twelvemonth. In January, he ousted Bezos because the richest person within the world. consistent with the index, musk's fortune peaked later that month at $ 210 billion, a ranking of the five hundred richest people within the world.
Steady quarterly earnings, the election of Chairman Joe Biden along with his adoption of cleantech, and retail investors' enthusiasm fueled the company's rise. Still, for some, its rising valuation was emblematic of an unsustainable foam within the technology. The Nasdaq 100 Index fell for the third week in an exceedingly row this Friday, its longest streak of declines since September.
Investing in bitcoin
Musk's fortune has not been solely subject to the forces that plague the tech industry. His net worth has risen and recently plummeted together with the value of bitcoin.
Tesla revealed last month that it had added $ 1.5 billion of the cryptocurrency to its record. Musk's fortune took a $ 15 billion hit fortnight later after he reflected on Twitter that the costs of bitcoin and other cryptocurrencies "look high."
Extreme volatility has hit many of the world's greatest fortunes this year. Asia's richest person, Chinese drinking water mogul Zhong Shanshan, gave the title to Indian billionaire Mukesh Ambani last month after losing over $ 22 billion during a matter of days.
Alphabet co-founders Sergey Brin and Larry Page are among the index's biggest winners this year. Each of them has added quite$ 13 billion to their fortunes since January 1.