Musk’s historic wealth gains unravel with RM109.99bil loss

Elon Musk, founder of Tesla and SpaceX, took a beating this week in net worth. — Getty Images/TNS

Elon Musk set records last year for one of the fastest streaks of wealth accumulation in history. The reversal is underway, and it’s steep.

The Tesla Inc chief executive officer lost US$27bil (RM109.99bil) since Monday as shares of the automaker tumbled in the selloff of tech stocks. His US$156.9bil (RM639.21bil) net worth still places him No. 2 on the Bloomberg Billionaires Index, but he’s now almost US$20bil (RM81.48bil) behind Jeff Bezos, who he topped just last week as world’s richest person.