Elon Musk has slipped out of the $200 billion club for the second time. The world’s richest man, saw his wealth fall 5.4 percent to $192.7 billion on Tuesday as Tesla Inc. shares fell over 7%. The electric carmaker’s losses surpassed the broader S&P 500 Index, which fell 0.8 percent on the day.
Despite the fact that Musk’s fortune has plummeted since August 26, the Tesla co-founder remains the wealthiest among the handful of persons worth at least $100 billion, according to the Bloomberg Billionaires Index.
Jeff Bezos, CEO of Amazon.com Inc., is in second place with $127.8 billion. Musk, 50, last fell below the $200 billion mark in March. But, according to the wealth index, markets quickly rallied, boosting his net worth to $288 billion on April 4.
On the same day, Musk announced that he had purchased around 9% of the social media network Twitter Inc. Days after, he launched a takeover bid, which was ultimately approved by the board, but questions about the deal have increased amid a tech stock sell-off that has knocked both businesses’ shares lower.
Musk announced earlier this month that the transaction would be put on hold unless Twitter provided public verification of the number of accounts controlled by bots on the network. The deal, according to Twitter, is proceeding as anticipated.
