Elon Musk lost $ 50 billion in two days but is still the richest man in the world

Entrepreneur Elon Musk, founder of Tesla, in a file photo. EFE / Britta Pedersen / Pool

It’s just Wednesday and Tesla CEO Elon Musk already lost $ 50 billion this week after Tesla shares fell 16% in two days, as reported by the news portal Business Insider.

Despite this week’s steep decline, Tesla shares are up 40% so far in 2021, and the founder of Tesla and Space X he’s still the richest man in the world, surpassing the owner of Amazon, Jeff Bezos, at $ 82 billion.

The massive losses come behind a series of headlines, including tweets from Musk himself and another from a famous short seller.

According to the Billionaires Index of Bloomberg in its last update, Musk is worth $ 288 billion after this week’s losses. $ 50bn lost marks the biggest two-day drop in index history, according to the agency.

Tesla stock prices fell sharply this week after its founder asked his Twitter followers over the weekend whether you should sell 10% of the shares you own to pay taxes. The results were a resounding yes, causing Tesla stock prices to drop as much as 7% on Monday.

Despite this week’s steep decline, Tesla shares are up 40% so far in 2021, and the founder of Tesla and Space X remains the richest man in the world, surpassing Amazon owner Jeff Bezos. , at $ 82 billion

Tesla stock prices came under additional pressure on Tuesday, when they fell as much as 12%., after the famous short seller Michael Burry suggested in a now-deleted tweet that Musk might want to sell his shares to cover his personal debts, he claimed WITH A.

The stock prices were affected by the news that Musk’s cousin and head of the electric vehicle company, Kimbal Musk, sold more than $ 100 million in Tesla shares last week.

In that context, this Wednesday Tesla shares continued to decline by around 2 percent.

Musk, who owns 17% of Tesla shares, explained that he does not receive “a cash salary or bonus from anywhere” and linked his move to tax issues.

Despite this week’s steep decline, Tesla shares are still up 40% so far this year, and Musk remains the world’s richest man, outpacing the second-richest. Jeff Bezos at $ 82 billion, according to the Billionaires Index of Bloomberg.

Tesla shares fell 16% between Monday and Tuesday of this week REUTERS / Aly Song / File Photo
Tesla shares fell 16% between Monday and Tuesday of this week REUTERS / Aly Song / File Photo

The businessman previously caused strong movements in the stock and cryptocurrency markets with his Twitter messages, and three years ago he faced the US regulator in a lawsuit for tweeting that he was going to take Tesla from the stock market at $ 420 per share.

Musk, who owns 17% of Tesla shares, explained that he does not receive “a cash salary or bonus from anywhere” and linked his move to tax issues: “I only have shares, therefore my only way to pay taxes personally is to sell shares.”.

Specialized media such as CNBC They pointed out that in the coming months the considered richest man in the world faces the payment of some USD 15,000 million in taxes, related to the expiration of the company’s financial options.

They also noted that after the recent arrival of Tesla to a capitalization of 1 trillion dollars, at the end of October, several members and former members of its board of directors sold part of their shares.

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Elon Musk lost $ 50 billion in two days but is still the richest man in the world