Elon Musk Loses Record $16.3 Billion in a single day, the largest drop in history…
The world’s wealthiest people have seen wild swings in their net worths lately as retail traders accelerate buying and selling in stocks. Amazon.com Inc.’s Jeff Bezos lost $7.9 billion, while Zhong Shanshan added more than $30 billion to his fortune — making him the third-richest person in China — after shares of the bottled-water company he founded surged following an initial public offering.
Shares of Nongfu Spring Co., whose red-capped bottles are sold across China everywhere from mom-and-pop snack stalls to high-end hotels, jumped 54% in its Hong Kong debut, pushing Zhong’s fortune to $50.9 billion. After opening lower, the stock was up 3.5%.
Musk’s loss and Zhong’s gain are the largest moves in the history of the Bloomberg index, excluding net worth revisions for divorce, redistribution and inheritances. Musk’s drop would have been even larger if he hadn’t collected his third tranche of options — now worth $2.2 billion — tied to his moonshot compensation package.
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