New York, USA (CNN) – Elon Musk’s net worth fell last week as tech stocks took a big hit and the staggering Tesla rally collapsed quickly.
Wall Street has grown increasingly concerned about rising bond yields, which could make borrowing more expensive and affect corporate profits, which is why investors have reversed some of the investment decisions they made over the past year in high-growth and risky tech stocks such as Tesla.
Tesla shares fell 11.5% last week. Musk, who owns about 18% of the company’s shares, has borne much of the burden of the massive sell-off.
Musk’s fortune slipped $ 27 billion last week, according to the Bloomberg Billionaires Index. The decline in the value of his wealth is equivalent to about the full wealth of Dyson founder James Dyson, who sits at number 52 on the list of the world’s richest people, according to Bloomberg.
Amazon CEO Jeff Bezos and Musk have traded their positions at the top of Bloomberg’s list of the world’s richest people since January, with Musk now ranked second with a net worth of $ 157 billion, compared to Bezos’s $ 177 billion. Musk is still $ 21 billion ahead of Microsoft founder Bill Gates, who is still the third richest person in the world.
Tesla’s stock rose 743% in 2020, pushing the company to the fifth place on the list of the most valuable companies in the stock market. However, after losing about 15% this year, Tesla’s stock has since fallen to seventh, behind Facebook and Berkshire Hathaway.
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