$ 27 billion
Tesla’s stock declined by 14% on Thursday, eliminated the market price by about $ 150 billion and took a large part of Elon Musk’s net worth. Tech billionaire lost $ 27 billion in just 24 hours, marking one of its biggest financial drops in recent years.
Donald Trump
The dramatic fall followed a warm public dispute between Musk and former US President Donald Trump. When Trump indicated to cut government contracts with Musk’s companies, stress increased, and more investors.
Although Tesla’s shares saw a minor rebound of 0.8% in the hour trading, the loss had already been done. The cell-off gave a sharp blow not only to the fate of Musk but also to Tesla shareholders.
Despite the surprising setback, Musk still holds the title of the world’s richest person, with Forbes estimating his net worth at $388 billion. He still holds a commanding lead on other billionaires, including Mark Zuckerberg ($ 236 billion) and Donald Trump ($ 5.4 billion).
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The incident underlines how political conflicts and high-profile quarrels can send shockwaves through the stock market-e-when they include polarization figures such as musk and trump. It also highlights the huge dependence of Musk on Tesla’s stock performance for its personal money.
As the situation develops, investors and analysts must be looking closely to see if Tesla is cured – or if musk faces further financial disturbance.
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