Elon Musk’s fortunes suffered a serious dent this year, as the shares of his electric vehicle venture Tesla Inc. languish. Follow benzinga
What Happened: Musk’s net worth stood at $170 billion, based on Tesla stock’s closing price on Monday, the proprietary billionaires’ index compiled by Bloomberg showed. Year-to-date, the world’s richest man has lost about $101 billion of wealth, the first time he has lost over $100 billion in a year, Bloomberg said.
Musk’s fortunes are closely tied to Tesla stock via the stake he holds in the electric vehicle venture. He also owns a 44% stake in SpaceX, which is still a closely-held company.
Tesla shares have been on a downhill since the start of the year. After closing at a two-year low on Friday, the stock fell 6.84% on Monday before settling at a fresh two-year low of $167.87, according to Benzinga Pro data.
Tesla is down about 29% in the year-to-date period and has pulled back a whopping 60% from its all-time high of $414.50 reached on Nov. ...
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