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Economy

Elon Musk Loses Record $16.3 Billion as Fluctuations in Tech Wealth Rises

Elon Musk’s net worth plummeted $16.3 billion Tuesday, the Bloomberg Billionaires Index’s reported the largest single-day wipeout in history, as the Tesla Inc. rout continued.
In New York trading the electric carmaker plummeted 21 percent — the most ever — on news of an alliance between competitors Nikola Corp. and General Motors Co., worsening a sell-off that started last week after it was snubbed into the S&P 500 index for inclusion.
Read Also: Volkswagen Says It May Soon Be Overtaking Tesla
Lately, the richest people in the world have seen wild changes in their net worth as retail traders are speeding up buying and selling in stocks. Jeff Bezos, of Amazon.com Inc., lost $7.9 billion on Tuesday, while Zhong Shanshan added more than $30 billion to his fortune, making him the third richest individual in China — after shares in the bottled water business he founded emerged after an initial public offer.
Nongfu Spring Co. shares, whose red-capped bottles are sold across China from mom-and-pop snack stalls to high-end hotels, soared 54 percent in their debut in Hong Kong, raising Shanshan’s fortune to $50.9 billion.
Read Also: Elon Musk is Now Officially the Third Richest Person in the World
Musk’s loss and Shanshan’s gain are the biggest moves in Bloomberg index history, with the exception of net worth revisions for divorce, redistribution, and inheritance. Musk’s drop would have been even bigger if he hadn’t collected Tuesday’s third tranche of options — now worth $2.2 billion — attached to his moonshot compensation pack.
Musk, now worth $82.3 billion, dropped to fifth place behind Bernard Arnault on the list of the richest people in the world. Owing to his audacious pay package and a nearly 500 percent rally in Tesla shares from January to the end of August, the Tesla chief executive briefly joined the rarefied centibillionaire club last month.

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