By admin Mar, 10, 2021 Private

Tesla's (TSLA) stock fell 11.5% last week. Musk, who owns nearly 18% of Tesla's shares, bore most of the brunt of that massive sell-off. Musk's wealth fell by $27 billion last week, according to Bloomberg's Billionaires Index.

Elon Musk set records last year for one of the fastest streaks of wealth accumulation in history but the Tesla Inc. CEO has lost $27 billion since Monday as Tesla shares tumble in the selloff of tech stocks. His $156.9 billion net worth still places him No. 2 on the Bloomberg Billionaires Index, but he’s now almost $20 billion behind Jeff Bezos, who he topped just last week as the world’s richest person.

Musk and Amazon (AMZN) CEO Jeff Bezos have been swapping places on Bloomberg's list of richest people in the world since January. But Musk now sits in a distant second place: $157 billion, compared to Bezos' net worth of $177 billion.

Tesla's stock gained 743% in 2020, propelling it to No. 5 on the list of most valuable companies on the stock market. And the stock continued to climb in the early weeks of 2021, gaining another 25% to a record high close of $883.90 on January 26.

Shares have lost nearly a third of their value since then, placing them firmly into the bear market territory. Stocks are in the bear market territory when they fall at least 20% off their high. The decline sent Tesla's market value to No. 7, behind Facebook (FB) and Berkshire Hathaway (BRKA) but ahead of JPMorgan Chase (JPM). On Friday it closed below $600 a share for the first time since early December. Shares were down an additional 3% in premarket trading Monday.

It has been speculated that Tesla's exclusion from the S&P 500 list contributed to the decline. The S&P 500 is a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most followed equity indices.

Many investors had been banking on Tesla stock being added to the S&P 500 after the company posted its fourth straight quarter of profits. However, when it was revealed that the EV maker wasn't added to the index, its shares plunged.

One other factor that may be influencing Tesla stock today is the decline in tech stocks. Apple (AAPL), Facebook (FB), and Amazon (AMZN) all declined by about 2%.

Tags: Elon Musk Warren Buffett Warren Buffet Billionaire Net Worth TSLA Space x Elon Musk net worth

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