Record Drop in Elon Musk's Wealth

The world's richest person, Tesla CEO Elon Musk, lost $50 billion in just two days following a drop in Tesla's shares. This marks the largest two-day decline in Bloomberg's billionaire index history and the largest single-day drop since Jeff Bezos lost $36 billion after his divorce from MacKenzie Scott in 2019. The decline in Tesla's shares came after turbulent days for the automaker, starting when Musk asked his Twitter followers over the weekend whether he should sell 10% of his stake in the company. This was followed by news of his brother Kimbal selling shares just before the poll. The situation was exacerbated by an insider report on Tuesday morning from Michael Burry, the investor known from the movie "The Big Short," stating that Musk may want to sell shares to cover his personal debts. This drop narrows the gap between Musk and Bezos for the title of the world's richest person to $83 billion, a significant decrease from a previous gap of $143 billion, which was larger than Bill Gates' net worth, the fourth richest person in the world. Despite the market value of Tesla dropping by around $200 billion over the start of the week, Musk's wealth is still up by 70% this year, thanks to Tesla's strong earnings growth, delivery numbers, and a higher valuation for SpaceX. Additionally, Tesla's market capitalization remains above $1 trillion.