How Billionaire Elon Musk lost $1 billion in 2 minutes

Elon Musk saw $1.1 billion wiped from his net worth in the first two minutes of New York trading as Tesla Inc. shares sank as much as 11%.

The fall cut his net worth to $22.3 billion on the Bloomberg Billionaires Index as of 9:32 am. The electric-car maker had reported a record decline in deliveries during the first quarter, down to 63,000 vehicles in the three months that ended in March, from 90,966 in the fourth quarter.

About $10 billion of Musk’s fortune is derived from Tesla with approximately $13 billion coming from his stake in closely held rocket business Space Exploration Technologies Corp., according to calculations by the ranking.

Via Livemint

Leave a Reply

Your email address will not be published. Required fields are marked *