The world’s richest person, Elon Musk has lost yet another trillion in wealth within a single day. Tesla Inc. share prices fell by 6.4% over the sexual misconduct allegations against Musk.
According to Business Insider, Musk shade $10 billion(over N4 trillion) from his wealth on Friday, May 20 after sexual misconduct allegations. The world billionaire’s wealth dropped from $212billion(N88. trillion), as per the Bloomberg Billionaires Index, to about $201 billion(N83.5 trillion) in just one day.
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Musk’s aerospace firm, SpaceX, paid a flight attendant $250,000 (N104 million) to settle the sexual misconduct claims she made against the billionaire in 2018. But, Musk has since denied the allegations. The company’s valuation was estimated at $125 billion(N51.9 trillion) in the last week’s report, and according to Business Insider, this does not change from day to day since it’s a private company. Musk owns 47% of SpaceX but much of his wealth is determined by Tesla Inc. and its stock performance in the market. According to Bloomberg, Tesla shares dropped by 6.4% on Friday, after reports of Musk’s sexual misconduct allegations. Musk is estimated to be $69 billion(28.6 trillion) poorer following the sexual misconduct news and related financial fallout in his wealth since the start of 2022.
Tesla stock continued to decelerate following Musk’s announcement in April 2022 that he will buy Twitter for $44 billion (N18.2 trillion). Last week, the company dropped by 14% down to $110 billion(N45.7 trillion) in the stock market valuation. Elon Musk loses $69.1B in five months The title of the world’s richest man in the world may slip through Elon Musk’s fingers as his wealth has now plunged to $201 billion, almost at par with Amazon founder, Jeff Bezos. The billionaire lost $69.1 billion following a tumble in Tesla stock, thereby jeopardising his quest to acquire the social media network, Twitter, according to Bloomberg Billionaire Index. During trading on Friday, May 20, 2022, the shares of his car company, Tesla from where the majority of his wealth comes, fell more than 10 per cent to trade at $636 per share at some point.
