Tesla founder and CEO Elon Musk’s personal wealth sunk by over $16 billion in just over six hours of trading on Tuesday, according to rich lists maintained by Bloomberg and Forbes, as shares of Tesla Inc. suffered Tuesday their biggest loss since going public.
The money lost by Elon is more than the entire worth of the Indian stocks like HDFC Life, Titan, Cipla, Mindtree, and UltraTech Cement. Only 21 companies in India are valued more than the wealth Elon Musk lost in a day.
The world’s most valuable carmaker TESLA (Symbol: TSLA), plunged 21.1% to close at $331.21 on Tuesday. The previous record selloff was the 19.3% drop on January 13, 2012, while the biggest post-COVID-19 crisis slump was 18.6% on March 16, 2020. Tesla went public on 29th June 2010, at a pre-split adjusted initial public offering price of $17 ($3.40 split-adjusted).
“Tesla not getting into the S&P 500 club is a head-scratcher and the stock will likely be down for the indexing implications,” Wedbush analyst Dan Ives said.