As per the Bloomberg Billionaire Index, Tesla CEO Elon Musk’s personal net worth has dwindled by a staggering $35 billion in just one day.
This is equivalent to the entire market cap of meme cryptocurrency Dogecoin.
The Musk-supported coin is currently trading at $0.27 on major spot exchanges.
Tesla shares record the biggest daily drop of 2021
Musk’s net worth took a hit after the shares of e-car manufacturer Tesla dropped 16% this week.
On Tuesday, the volatile stock was down 11.99%, which marked its biggest one-day loss in 14 months.
Twitter decided that Musk should sell 10% of his shares after more than 3.5 million people took part in the businessman's poll.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.— Elon Musk (@elonmusk) November 6, 2021
Do you support this?
A $50 billion loss
Within 48 hours, the centibillionaire’s wealth has plunged by $50 billion, which exceeds the entire net worth of Len Blavatnik, the richest man in the U.K.
As per Bloomberg, this is the steepest two-day drop in history.
However, Amazon CEO Jeff Bezos still holds the record for the biggest one-day decline after reaching a $37 billion divorce settlement with MacKenzie Scott.
With that being said, Musk still has a comfortable $82 billion lead over Bezos, according to the Bloomberg Billionaire Index.
French fashion mogul Bernard Arnault comes in third place with a net worth of $173 billion.