Elon Musk Loses Entire Dogecoin Market Cap in One Day

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.

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— Elon Musk (@elonmusk) November 6, 2021 

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.