Elon Musk Loses $27 Billion on Monday

The Tesla Inc Chief Executive officer Elon Musk loses $27 Billion since Monday as shares fell off. His $156.9 billion net worth is still holding him the second position. But the difference from the world’s richest tag is now of $20 BILLION.

Tesla was roaring in terms of worth last year. It showed 743% in 2020, giving new heights to his stake. it also unlocked an obscene amount of money through his historic move of “moonshot”.

His gains continued the next year. Moreover, in January he dethroned Jeff Bezos from world’s richest tag. Musk’s fortune lifted to $210 billion, according to the index, a ranking of the world’s 500 wealthiest people.

Consistent quarterly profits, the election of President Joe Biden with his embrace of clean technologies and enthusiasm from retail investors fueled the company’s rise, but for some, its swelling valuation was emblematic of an unsustainable frothiness in tech. The Nasdaq 100 Index fell for the third straight week on Friday, its longest streak of declines since September.

Bitcoin Investment

Musk’s fortune hasn’t been solely subject to the forces buffeting the tech industry. His net worth has risen and slumped recently in tandem with the price of Bitcoin. Tesla disclosed last month it had added $1.5 billion of the cryptocurrency to its balance sheet. And then later, Elon Musk Loses $27 Billion on Monday. Musk’s fortune took a $15 billion hit two weeks later after he mused on twitter that the prices of Bitcoin and other cryptocurrencies “do seem high.”

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