Elon Musk Out Of $200 Billion Club As Tesla Shares Tumble 7%

Musk still continues to dominate the list of Bloomberg Billionaires Index in which Amazon's Jeff Bezos holds the number two spot.

New Delhi: Elon Musk has fallen out of the elite $200 billion club for the second time in a year after Tesla shares tanked almost 7 per cent on Tuesday. Tesla shares remain under the sell-off pressure due to which Elon Musk's net worth declined to settle at $192.7 billion, a drop of 5.40 per cent, the lowest levels since 26th August 2021, according to the news agency Bloomberg.

Shares of Tesla sank to an 11-month low on Tuesday over series of concerns for the electric-vehicle maker and its chief Elon Musk.

However, Musk continues to dominate the list of Bloomberg Billionaires Index. Amazon.com Inc's Jeff Bezos is placed at number two spot with $127.80 billion worth of wealth. In March 2022, Elon Musk's net worth had slumped below $200 billion after the market crash. Tesla co-founder managed to recover losses after markets rebounded strongly after that crash.

Musk's net worth went up to $288 billion on 4th April 2022, according to the wealth index. In fact it was the same day when Musk  announced he had acquired 9 per cent stake in twitter.

In a few days, when Tesla co-founder launched a takeover bid and managed to secure the board’s approval, there were concerns among investors that dragged down the shares of both the companies.

Elon Musk had said that twitter deal would be on hold until the microblogging site produced public proof about the number of accounts on the platform controlled by bots. In a tweet, Musk wrote, "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users." However, after a few hours, Musk again tweeted saying that he is committed to acquisition of the site. 

The announcement came after Twitter informed stock exchanges that fake or spam accounts on its platform represented less than 5 per cent of its monetisable daily active users during the first quarter. The social microblogging platform has maintained that the deal is moving ahead as planned.