Amidst sell-off of company stock, Tesla’s CEO, Elon Musk has lost a whopping US$27bn within one week. This comes with a rapid sell-off in the technology sector and Tesla shares spiraled.
With this loss, the 49-year-old Musk, who was worth US$157bn as at close of the money markets last week plummeted 15% downwards.
It would be recalled that during the pandemic, tech shares gained more than the rest of the market. Tech shares dropped with about 13% on Friday to close at $597.95 (the lowest since 3rd December, 2020). Tech shares have been on a losing streak for four weeks now but with 11% lost in total value this week, this has been the longest streak since May 2019.
Fellow billionaire and CEO Amazon, Jeff Bezos, automatically becomes the richest man in the world with a net worth of US$174bn while Elon Musk occupies the second position according to the Bloomberg Billionaire Index.
We watch and see how the fight continues between these two business moguls for the number one spot of the richest man on earth.
Azuka Edokobi is a Writer , a Farmer, a Supply Chain Expert and an Entrepreneur
