How does it feel to lose $50bn in two days? Ask Elon Musk

World

How does it feel to lose $50bn in two days? Ask Elon Musk

The record-breaking plunge has narrowed the billionaire’s lead over Jeff Bezos as the richest man in the world

Sophie Alexander

Elon Musk has lost $50bn so far this week after Tesla shares plunged for the second day in a row.

It’s the biggest two-day decline in the history of the Bloomberg Billionaires Index, and the biggest one-day fall after Jeff Bezos’s $36bn plunge after his divorce from MacKenzie Scott in 2019. 

Tesla’s rout comes amid a tumultuous few days for the automaker. It started when Musk asked his Twitter followers at the weekend whether he should sell 10% of his stake in the company, followed by news that his brother Kimbal sold shares just before the poll. Capping it off was a Tuesday morning Insider report on Michael Burry, the investor made famous by the movie The Big Short, saying Musk may want to sell shares to cover his personal debts...

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