World’s Richest Man, Elon Musk Loses $11 billion In A Single Day

Elon Musk has lost a staggering $11 billion in a single day.

According to Bloomberg, the world’s richest man and Tesla’s CEO, lost the staggering amount because of selling pressure seen at the stock of the world’s most valuable car company.

He was worth about $193 billion after Tuesday’s trading session, according to the Bloomberg Billionaires Index.

An April 2022 regulatory filing shows Musk owns about 16% of Tesla. Approximately 92.9 million exercised options to buy Tesla common stock are included in his net worth, according to a Bloomberg analysis.

A flurry of concerns about Tesla and CEO Elon Musk, pushed shares of the electric-vehicle maker to an 11-month low on Tuesday-even as one of the firm’s staunchest supporters continued to back the company.

In the wake of Tuesday’s stock downgrade, the electric carmaker share price fell 7% to $628, dropping nearly 49% from its highs of November. Tesla’s market cap, which has dropped from $1.2 trillion to $650 billion, has fallen by more than $30 billion.