Elon Musk's personal wealth took a $16 billion hit in just six hours.
Ever since a strange Twitter rant that was allegedly done under the influence of acid (according to Azealia Banks) caused him to be investigated by the Securities and Exchange Commission, the Elon Musk story has been getting progressively stranger and stranger. After giving his first born child an unusual numerical name that violated California law, one can hardly blame NLE Choppa for his belief that Musk is actually a space alien.
Now the garish exec finds himself known for yet another larger than life story. Bloomberg's Billionaires Index reported the largest single-day loss ever, with Musk losing approximately $16.3 billion USD. The news comes after Tesla stock plummeted by 21 percent, amounting to about a $80 billion drop in market value, far more than the combined value of General Motors Co and Ford Motors Co.
According to the New York Times, Tesla was recently excluded from the S&P 500 index, which measures the stock performance of 500 large companies, contributing to their falling share prices. Shareholders have long been wary of Musk's impetuous decisions and statements and this news isn't likely to alleviate these concerns. Still, despite the 21% percent drop on Tuesday, Tesla shares rose by 295% this year following the company's first reported annual operating profit in 2019.