The Bad Streak Continues for Tesla and Elon Musk: The Tycoon Lost $27 Billion in a Week

March 8, 2021 2 min read

A few days ago, Elon Musk fell from second to third place in the Forbes billionaires ranking. Today there is no good news for the tycoon either. The sharp collapse in Tesla shares reduced the assets of its CEO, who lost nearly $ 27 billion in just one week.

Tesla’s stock price has plummeted for four days in a row. That’s partly due to a sell off of tech stocks, and also a drop in the value of Bitcoin .

The electric car company invested $ 1.5 billion in Bitcoin on February 8. The transaction was key to raising the price of said cryptocurrency to a new all-time high , exceeding $ 50,000 per unit . However, shortly after it plummeted to $ 45,000 , which translated into losses for Tesla.

In 2020 , Elon Musk broke a record for generating the most wealth in the shortest span in history. The pandemic bonanza made him the richest person in the world for a time, before Jeff Bezos got over it again.

Since then, the CEOs of Tesla and that of Amazon have taken over the top two positions in the Forbes billionaire rankings . Their fortunes were almost on par, registering not very significant variations.

Everything changed on March 5, when Musk fell to third position with a net worth of $ 150.9 billion . An important drop considering that Just last February 17 it was $ 191 billion .

Tesla’s losses in the last week total about $ 27 billion . This leaves Elon Musk with a fortune of $ 151.1 billion as of today, according to Forbes . That is, far from the $ 178.2 billion of Bezos, who remains in the first place.

Everything indicates that the loss has not changed Elon Musk’s plan to build the city of Starbase in Texas . Just a few hours ago he shared a photo from that place, accompanied by his partner, the singer Grimes , and their little son X AE A-Xii , 10 months old.

Starbase, Texas pic.twitter.com/mt4IpqqmjF

– Elon Musk (@elonmusk) March 8, 2021