Tesla chief executive Elon Musk has lost $ 27 billion (Rs 2 trillion) in assets in a week. He topped the list of world billionaires with $ 150 billion in revenue in one year, but slipped to second place after Tesla’s share price plummeted. Musk now has $ 20 billion less assets than Amazon chief executive Jeff Bezos, who tops the list.
Shares of Tesla plunged as technology stocks came under heavy selling pressure. With this, Tesla’s value fell by $ 230 billion during the period. On Friday alone, prices fell 3.8 per cent to 597.95.
All the best stocks were shaken by global selling pressure in the wake of rising US Treasury yields. The stock is valued at $ 574 billion on the Nasdaq 100 and S&P 500 indices. Musk surpassed Jeff Bezos in January 2021 with a record $ 210 billion in assets.