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The fortune of Tesla chief Elon Musk is believed to have shrunk by $ 27 billion last week as the electric car maker’s impressive stock rally was reversed.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| TSLA | TESLA, INC. | 563.00 | -34.95 | -5.84% |
Musk suffered the heavy paper loss between Monday and Friday, as a massive sell-off by major tech stocks pushed Tesla’s stock price down nearly 17% in four days, according to Bloomberg calculations.
The Silicon Valley giant’s stock has slipped about 15% so far this year and ended last week at $ 597.95, marking its lowest level since early December. Tesla fell 2.3% in early trading on Monday before recently climbing around 2.7% to $ 614.17.
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Despite the recent slump, Musk, 49, still ranks as the second richest person in the world on the Bloomberg Billionaires Index with a net worth of around $ 157 billion, including $ 102 billion in Tesla shares.
But Musk now has around $ 20 billion behind Amazon boss Jeff Bezos, who he took first as recently as late February, Bloomberg said.
The fortune of Tesla chief Elon Musk is believed to have shrunk by $ 27 billion last week as the electric car maker’s impressive stock rally was reversed.
Musk’s wealth exploded last year when Tesla posted six consecutive profitable quarters, delivered nearly 500,000 cars, and joined the benchmark S&P 500 stock index. The growth helped fuel a skyrocketing share price rise from the pioneering car manufacturer.
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But Tesla shares have suffered big losses in recent weeks amid concerns over its staggering valuation and increased competition from startups like Nio in China as well as big rivals like General Motors. The company is also grappling with a global computer chip shortage that has reportedly affected automakers around the world.
Tesla has also faced questions about its $ 1.5 billion investment in bitcoin, which Musk called a “less stupid form of liquidity than cash,” despite the fact that the price of crypto currency seemed too high.
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But Tesla is still the dominant player in the electric vehicle industry which could account for 20% of global auto sales by 2030, argued Wedbush Securities analyst Dan Ives.
“Despite today’s white punches, we believe Tesla will reach a trillion dollar market cap in 2021 given EV’s bullish secular thesis that will play out over the next few years,” he said. Ives said in a research note Monday.
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