(Bloomberg) – Elon Musk set records last year for one of the fastest streaks of prosperity in history. The turnaround is underway, and it’s steep.
The CEO of Tesla Inc. has lost $ 27 billion since Monday when shares of the automaker tumbled in the sale of technology shares. Its net worth of $ 156.9 billion still places it on the 2nd Bloomberg Billionaires Index, but it is now almost $ 20 billion behind Jeff Bezos, who just last week ranked as the richest man in the world.
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Elon Musk visits Germany
Elon Musk
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Musk’s tumble only underscores the hard-to-deep speed of his climb. Tesla shares rose 743% in 2020, increasing the value of its stake and unlocking billions of dollars in options through its historic ‘moon shot’ compensation package.
Its profits accelerated in the new year. In January, he ousted Bezos as the richest person in the world. Musk’s fortune peaked at $ 210 billion later this month, according to the index, a ranking of the 500 richest people in the world.
The election of President Joe Biden with his embrace of clean technologies and enthusiasm of retail investors has fueled a constant quarterly gain, but for some its swell valuation was indicative of an unsustainable foam in technology. The Nasdaq 100 index fell for the third consecutive week on Friday, its longest decline series since September.
Bitcoin investment
Musk’s fortune was not only subject to the forces exerted by the technology industry. Its net worth has recently risen and fallen along with the price of Bitcoin. Tesla announced last month that it had added $ 1.5 billion of the cryptocurrency to its balance sheet. Musk’s fortune hit $ 15 billion two weeks later after he tweeted that the prices of Bitcoin and other cryptocurrencies “look high.”
Extreme volatility has brought many of the world’s greatest fortunes this year. Asia’s once richest person, Chinese bottled water tycoon Zhong Shanshan, ceded the title to Indian billionaire Mukesh Ambani last month after losing more than $ 22 billion in a matter of days.
Read more: Ambani Again Richest Asian as China’s Zhong Down $ 22 billion
The net worth of Quicken Loans Inc. chairman Dan Gilbert rose $ 25 billion on Monday after its mortgage lender Rocket Cos. It is said to be the next target of Reddit day traders. Its fortune has since fallen by nearly $ 24 billion. Alphabet Inc. co-founders Sergey Brin and Larry Page are among the biggest gains on the index this year. Since January 1, they have each added more than $ 13 billion to their lot.
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