Elon Musk loses $50 billion after Tesla shares drop for second day on the trot

Gulf Today Report

Elon Musk has lost $50 billion so far this week after Tesla Inc. shares plunged for the second day in a row. It's the biggest decline in one day after Jeff Bezos's $36 billion plunge following his divorce from MacKenzie Scott in 2019. 

According to a report in a section of the Indian media, the nosedive comes  amid a tumultuous few days for the carmaker. It started when Musk asked his Twitter followers over the weekend whether he should sell 10 per cent of his stake in the company. This was followed by the news that his brother Kimbal sold shares just before the poll.

To top it all, there was a report on Michael Burry, the investor who became famous after the movie, “The Big Short,” was released, saying Musk may want to sell shares to cover his loans.

The drop brings Amazon head Jeff Bezos closer to edging Musk as the world's richest person. Musk overtook Bezos for the title for the first time in January and the gulf between the two recently rifted as wide as $143 billion. Now that gap has narrowed to $83 billion.