Why did Elon Musk lose $ 50 billion in 2 days?

In the last two days, between Monday, November 8 and Tuesday, November 9, Elon Musk lost 50,000 million dollars, after Tesla shares plunged for the second day in a row.

(See: Musk’s growing fortune increasingly distances him from the rest of the world).

Its about greater decline two-day drop in the history of the Bloomberg Billionaires Index and the biggest one-day drop after Jeff Bezos, $ 36 billion after her divorce from MacKenzie Scott in 2019.

The bad streak of Tesla It comes in the middle of a tumultuous days for the automaker.

It all started on the weekend of November 6 and November, when Musk asked his Twitter followers if he should sell the 10% of your stake in the company, followed by the news that his brother Kimbal had sold shares just before the survey.

(See: SpaceX, Elon Musk’s company that could catapult him to a billionaire).

To top it off, an ‘Insider’ report on Michael Burry, the investor made famous by the movie ‘The Big Short,’ said Musk might want to sell shares to cover his personal debts.

The fall reduces Musk’s lead over Bezos as the world’s richest person to $ 83 billion.

(See: Tesla reached a commercial value of US $ 1 trillion in the market).

In January, Musk surpassed the Amazon founder for the first time and the gap between the two recently widened to $ 143 billion, a figure higher than the net worth of Bill Gates, the fourth richest person in the world.

ARK Investment Management, de Cathie Wood and whose funds have been selling Tesla shares in recent quarters, lost more than 750 million dollars in the liquidation of Tuesday 9, while the founder of Oracle Corp., Larry Ellison, the second largest individual shareholder of the company, reported losses of $ 2.1 billion.

Despite the drop, Musk’s fortune is still 70% higher this year as Tesla has reported strong growth in its earnings and delivery numbers, as well as higher valuation for SpaceX.

(See: Elon Musk, richer than most Latin American countries).

The automaker’s market capitalization has remained above $ 1 trillion, a benchmark it reached last month after third-quarter results significantly beat market expectations and the car rental company. Hertz Global Holdings will place an order for 100,000 Tesla cars.

(See: The UN’s response to Musk’s offer to donate to fight famine).

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Why did Elon Musk lose $ 50 billion in 2 days?