Business Technology

Elon Musk Is Out From The Centibillionaire Club After Losing $16.3 Billion!

Elon Musk in the frame
Elon Musk Is Out From The Centibillionaire Club After Losing $16.3 Billion When Tesla Shares Lead Bounce-back In The Tech Stocks

Elon Musk Is Out From The Centibillionaire Club After Losing $16.3 Billion!: On 9th September 2020, Tesla saw a rise of 11% in its shares after a steep plunge. Just a day before this, on Tuesday, Tesla’s stock fell so hard that it cost Elon Musk around $16.3 billion!

The CEO had to pay for the electric car maker’s most significant drop. It was the worst single-day loss in the history of Tesla. They erased some of the losses, and tech stocks rallied on Wednesday after three straight days of the drop.

Shares Of Tesla Jumped 11% On Wednesday.

Tesla’s shares jumped 11% for the day on Wednesday. The Nasdaq was higher by 3.2% after three days of selling got a 10% drop from its record high. The tech rally helped boost the S&P 500 by a little more than 2%. At the same time, the Dow Jones Industrial Average dropped 10% over the past three days, fixed itself on nearly 700 points or 2.5%.

Since the three days of selloff removed a total of $870 billion of market capitalization, companies like Apple, Stalwarts Alphabet Inc., Salesforce and Microsoft were also up.

A partnership Between Nikola Corp And General Motors

On Tuesday, General Motors Co. announced a partnership with Nikola Corp.

It will give it a $2 billion equity stake in the electric-vehicle startup. This partnership will provide a terrific competition to Tesla’s Cybertruck.

The news of this partnership also deepened the selloff making the stock of Tesla to dip below $336 from $500 a few days back. It was valued more than $420 billion earlier this month which has now reduced to $308 billion.

How Did It Affect All The People In The Centibillionaire Club?

Elon Musk, 49 is now the 6th richest person in the world after falling behind Bernard Arnault(4th) and Warren Buffett(5th). The net worth of Musk has come down to $82.2 billion, which means that he is no longer a part of centibillionaire club. This club now includes Jeff Bezos ($186 billion), Bill Gates ($121 billion) and Mark Zuckerberg ($103 billion).

In this pandemic, all of them say huge gains. The technology rout has affected them as well, and they have lost $7.94, $2.05 and $4.06 billions respectively. As we can see, Elon Musk faced the most significant loss after Wednesday’s record high drop of 21.1%.

Also, readΒ Elon Musk Gets An Invitation From Egypt After His Tweet On Pyramid!

About the author

Shrinkhla Raj

What's more beautiful than having the power to express?