Musk lost $ 27 billion in a week

Elon Musk set a record last year for the fastest fortune in history. However, the reversal is underway and it is quite steep, Bloomberg writes. The CEO of Tesla Inc. lost $ 27 billion last week after the automaker’s shares fell in a technology stock sell-off. Its net asset value is $ 156.9 billion and still puts it second in the Bloomberg billionaires index, but it is now nearly $ 20 billion behind Jeff Bezos.

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Musk’s downfall only underscores the hard-to-understand speed of his rise to the top of the charts. Tesla shares jumped 743% in 2020, increasing the value of its stake in the company. This also unlocked the bonus option for Musk, who earned several hundred million extra rewards.

The rally of shares continued in the new year, as in January he removed Bezos from the pedestal of the richest man in the world. Musk’s fortune peaked later that month at $ 210 billion.

Tesla’s continued quarterly profits, the election of President Joe Biden and his embrace of clean technology, as well as the enthusiasm of retail investors have fueled the company’s rise. But for some, the inflated assessment is indicative of unsustainable technological developments. The Nasdaq 100 fell for the third consecutive week on Friday, the longest series of declines since September.

Bitcoin investment

Musk’s condition is not limited to forces that directly affect the technology industry. Its net worth has been rising and collapsing recently in tandem with the price of bitcoin. Tesla announced last month that it had added $ 1.5 billion in cryptocurrency to its balance sheet. Musk’s fortune fell by $ 15 billion two weeks later after he wrote on Twitter that the prices of bitcoin and other cryptocurrencies “seem high.”

Extreme instability has shaken many of the world’s richest people this year. The once wealthiest man in Asia – Chinese bottled tycoon Zhong Shanshan – lost the title to Indian billionaire Mukesh Ambani last month after losing more than $ 22 billion in a matter of days.

The net worth of the chairman of Quicken Loans Inc. Dan Gilbert rose $ 25 billion on Monday after his mortgage lender Rocket Cos. was announced as the next target for today’s traders at Reddit. Since then, his fortune has dropped by nearly $ 24 billion. The co-founders of Alphabet Inc. Sergei Brin and Larry Page are among the biggest winners in the index this year. Each has added more than $ 13 billion to its fortune since Jan. 1.

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