Market volatilities have resulted in wide wealth swings for Elon Musk
Elon Musk lost $16.3 billion after Tesla shares had plunged by over 20 percent in New York trading on September 8. The tech mogul is now worth $83.3 billion, making him the fifth richest in the world, as per the Bloomberg Billionaires Index (BBI).
The electric car manufacturer’s 21 percent share slip came on the back of news about a partnership between competitors General Motors and Nikola Corporation. But the sell-off began last week when Tesla was “snubbed for inclusion in the S&P 500 index,” Bloomberg reported.
Market volatilities have resulted in wide wealth swings for the wealthy. Amazon chief and the richest man Jeff Bezos lost $7.9 billion on September 8; while Nongfu Spring’s Zhong Shanshan was catapulted as the second richest in China and third in Asia after adding $30 billion to his net worth when the company’s shares surged following an IPO.
Nongfu’s shares surged 85 percent and traded up 55 percent by mid-day in Hong Kong, pushing Zhong’s net worth to $51 billion, as per the Bloomberg Billionaires Index. He is notably, the only individual among China’s top five richest, who is not from the real estate or tech sector.
Musk’s $16.3 billion rout and Zhong’s $30 billion gain are the largest swings in BBI history – excluding divorces, inheritances and redistributions, the report noted.