Elon Musk’s wealth tumbles by $15 billion after Tesla shares dropped 9% in one day

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Billionaire Elon Musk has yet again slipped to second place on Bloomberg's index of the world's richest people after his net worth dropped by $15 billion on Monday. His wealth fell to $183 billion, allowing outgoing Amazon boss Jeff Bezos to reclaim first place, after Tesla's shares tumbled 9% on Monday - their biggest one-day fall since late September. The drop was fuelled partly by Musk tweeting over the weekend that bitcoin and Ethereum prices seem high. Bitcoin dropped 11% on Tuesday, to $48,016, in a sign of wariness of its rapid ascent, while Ethereum fell 15% to $1,521. The electric-vehicle maker's stock was further undermined by its decision to halt orders for a cheaper version of its Model Y SUV. Tesla has removed the car from its online configurator just a month after launching.

It isn't clear yet whether the decision is temporary, or permanent. Musk has been pushed to the second spot on the Bloomberg Billionaires Index for a second time...read more...