fter enjoying a more than $90 billion jump in his wealth this year, world’s richest person Elon Musk has now lost $11.1 billion in a single day. The reason? The same which lead to the uptick, i.e. Tesla’s shares.
Tesla’s shares, which have enjoyed a more than 100% jump this year till date, bled heavily yesterday which led to its CEO Musk’s networth suffering the big drop. His networth currently is $219 billion, after losing $11.1 billion yesterday.
Tesla shares crashed more than 6% yesterday after US banking giant Goldman Sachs on Monday cut Tesla’s rating to “hold”, joining Morgan Stanley and Barclays, which downgraded the stock last week.
The brokerages, however, raised their price targets to reflect the momentum in Tesla shares, which have soared more than 120% this year. The brokerages have attributed the rally in Tesla shares partly to the company benefiting from the buzz around Artificial Intelligence, as per Reuters.
EV giant Tesla’s shares have also benefited from a string of positive news in the past two months including deals struck by rival automakers Ford and General Motors for gaining access to its charging network, a move that could make its chargers the industry standard.
A Roller Coaster For Elon Musk
The last few months have been a rollercoaster for Musk. Late last year, the billionaire had become the world’s first ever person to lose $200 billion in net worth. At that time he had lost the title of the world’s richest person to Bernard Arnault.
But 2023 has been lucky for him. Not only has he reclaimed the world’s richest person title due to the $90 billion surge in his net worth thanks to Tesla shares, but he has also been able to unveil big plans regarding Tesla and his other companies.
Musk had recently met India’s PM Modi and revealed Tesla’s plan to enter India as soon as humanly possible. Besides Tesla, many of his other companies are having big plans for India. Click here to know about it.