Axar.az
UP

Axar.Az Logo

Elon Musk lost $27 billion last week

Home page Technology
12 Punto 14 Punto 16 Punto 18 Punto

Elon Musk's net worth plunged last week as tech stocks got hammered and Tesla shares' stunning rise quickly unraveled.

Axar.az reports that Wall Street is growing increasingly nervous about rising bond yields, which could make borrowing more expensive. That could eat into corporate profits, which is why investors have begun to reverse some of the positions they took over the past year in high-growth but risky tech stocks like Tesla.

Tesla's (TSLA) stock fell 11.5% last week. Musk, who owns nearly 18% of Tesla's shares, bore most of the brunt of that massive sell-off.

Musk's wealth fell by $27 billion last week, according to Bloomberg's Billionaires Index. The decline in his net value is roughly equal to the entire fortune held by Dyson founder James Dyson -- the 52nd richest person in the world, according to Bloomberg.

Musk and Amazon (AMZN) CEO Jeff Bezos has been swapping places atop Bloomberg's list of richest people in the world since January. But Musk now sits in a distant second place: $157 billion, compared to Bezos' net worth of $177 billion. Musk remains $21 billion ahead of Microsoft(MSFT) founder Bill Gates, who remains the third-richest person on the planet.

Date
2021.03.08 / 19:32
Author
Axar.az
Comments
See also

Facebook still experimenting interoperability with WhatsApp

Facebook staff can continue working from home

NASA helicopter will fly to Mars on this date

Astronauts return from ISS, land on Kazakh steppe - Video

Ireland launches inquiry into Facebook after reports of data leak

Twitter wants to buy Clubhouse for 4 billion

Instagram announced another new feature

Yuri Gagarin image lights up Dubai’s Burj Khalifa

Microsoft may acquire AI developer for $16B

What will the iPhone 13 Pro look like?

Latest
Xocalı soyqırımı — 1992-ci il Bağla
Bize yazin Bağla
ArxivBağla