Billionaire entrepreneur Elon Musk witnessed a staggering loss of nearly $30 billion (approximately Rs. 8.37 trillion) in his net worth in a single day, marking one of the biggest one-day declines in financial history.
The sharp drop in Musk’s wealth came after Tesla’s stock plunged significantly following disappointing earnings results and concerns over slowing demand for electric vehicles. The decline in share value wiped out a massive chunk of Musk’s fortune, which is heavily tied to his holdings in Tesla.
Musk, who is the CEO of Tesla, SpaceX, and several other ventures, remains among the richest individuals in the world despite the setback. However, the recent dip has reignited discussions about the volatility of tech stocks and the future of electric vehicle markets.
This isn’t the first time Musk has faced such a major financial hit, as his wealth has historically fluctuated with Tesla’s stock performance. Analysts are now closely monitoring whether Tesla can rebound and how Musk plans to navigate the challenges ahead.
