Elon Musk loses US$50 bn this week but retains ‘richest person’ title

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Elon Musk loses US$50 bn this week but retains ‘richest person’ title

 Elon Musk loses US$50 bn this week but retains ‘richest person’ title
Image source: Maryna Linchevska,Shutterstock


  • Tesla Inc (NASDAQ: TSLA) lost about US$200 billion after a huge stock selloff in recent sessions.

  • The Tesla stock price is up more than 40% YTD.

  • The electric vehicle maker’s revenue jumped 57% YoY in Q3, FY21.

Electric vehicle maker Tesla Inc (NASDAQ: TSLA) lost around US$200 billion in market value after a massive stock selloff in the recent sessions, the biggest since September last year.

The stock plummeted nearly 12% on Tuesday after a 4.8% decline in the previous session. On Wednesday, it was up 4.34% to US$1067.95 at the close of the normal trading session but shed all the intraday gains in the after-hours to settle at 0.48% down at 4:58 pm ET.

The selloff began on Monday after Tesla CEO Elon Musk asked his Twitter followers whether he should sell 10% of his stake in the firm. Some 58% of people in Saturday’s poll voted in favor.

It was followed by another news that Tesla’s several former and current board members, including Musk’s brother Kimbal, sold US$1 billion worth of company shares late last month.

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Elon Musk lost about US$50 billion since the selloff began this week. However, he continues to retain the world’s richest person title on the Bloomberg Billionaires Index.

The selloff also marked the biggest two-day decline in the index’s history. In 2019, then Amazon.com CEO Jeff Bezos had lost US$46 billion in personal wealth in a similar stock sale.

Musk’s recent losses now narrowed his lead over Jeff Bezos by US$82 billion.

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Tesla has lost around $200 billion in market value since Elon Musk’s Twitter poll

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Musk crowned world’s richest person

In January, Elon Musk overtook Jeff Bezos to become the world’s richest person for the first time, with a wealth gap of US$143 billion, a value greater than the net worth of the world's fourth-richest person, Bill Gates.

However, despite a decline in Musk's net worth, his fortune is still up by 70% this year, mainly due to gains from his EV firm and a higher valuation of his aerospace company SpaceX.

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Tesla stock performance and financial highlights

The Tesla stock is up 40.25% YTD. The stock was up 4.34% to US$1067.95 at the close of the normal trading session on Wednesday.

Its market cap is US$1.05 trillion, the P/E and the forward P/E one-year ratios are 339.53 and 255.88, respectively. Its EPS is US$3.09. The stock’s 52-week highest and lowest prices were US$1,243.49 and US$396.03, respectively. Its share volume on Nov 9 was 59,105,840.

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Tesla’s third-quarter revenue jumped 57% YoY to US$13.75 billion, while its GAAP net income attributable to common shareholders increased by 389% YoY to US$1.61 billion.

In the third quarter, Tesla delivered 241,391 vehicles, representing an increase of 73% YoY.

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The company continued to maintain strong growth momentum in the latest quarter due to robust demand and vehicle deliveries. In addition, Hertz Global Holdings Inc's plump order for 100,000 Tesla vehicles pushed its market valuation above the US$1-trillion mark.


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