Elon Musk 'Fall Poor', Lost IDR 712 Trillion in 2 Days

November 12, 2021

Tesla shares plunged, making Elon Musk's fortune disappear $ 50 billion or Rp. 712 trillion in two days. In fact, it was the biggest two-day loss in the history of the Bloomberg Billionaires Index, and the biggest one-day drop since Jeff Bezos, who lost $36 billion after divorcing MacKenzie Scott in 2019. Quoted from Bloomberg, Tesla's stock correction is in the midst of the turmoil Tesla has faced in recent days.

This started when Elok Musk asked his Twitter followers over the weekend if he should sell his 10 percent stake in the company, followed by news of his brother Kimbal Musk selling the stake just before the Twitter poll. Previously, it was reported that the reason Musk intends to sell Tesla shares is because it will pay taxes that reach hundreds of trillions of rupiah. Musk faces a tax bill of more than $15 billion in the coming months. The decline narrows Musk's lead over Bezos as the world's richest person to just $83 billion. Elon Musk surpassed the Amazon founder as the world's richest person for the first time in January and the pair's net worth has widened to $143 billion. This figure is greater than the net worth of Bill Gates, who is the fourth richest person in the world. Despite the slump, Musk's fortune is still up 70 percent this year thanks to Tesla's gains on the back of growth in revenue and vehicle shipments and the positive performance of SpaceX. Tesla's market cap remains above $1 trillion.

Tesla shares closed down 12 percent on Tuesday, after closing down 4.8 percent on Monday (11/8/2021). Despite the decline, Tesla's stock is up 45 percent in 2021 and more than doubled from last year. Most of those gains came after the company reported strong results and shipment counts in the third quarter, significantly beating market expectations. In addition to a large order from Hertz Global Holdings Inc. Meanwhile, due to the decline in Tesla shares, one of the biggest investors in Tesla, Catherine Wood's Ark Investment Management LLC, which has been selling shares in Tesla over the past few months, lost more than $750 million in Tuesday's sell-off. While the founder of Oracle Corp. Larry Ellison, the company's second-largest individual shareholder, lost $2.1 billion.

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