Minus $ 20 billion in a week
Elon Musk has lost $20 billion in a week
Due to the decrease in the shares of Tesla, the owner of the company now is at a loss of $ 20 billion which is far worse compared to the US market.
The S&P 500 index fell 1.9% this week whilst the Dow Jones Industrial Average abated 1.7%, partly due to new omicron strain covering the U.S. and rising interest rates in 2022.
Between Friday, Dec. 10 and Friday, Dec. 17, Mask's capital dwindled about $ 20.3 billion between trade closures, according to the publication's analyses.
Musk has been selling Tesla shares since early November to meet the taxes he must pay when executing the company's options. Over this time period, Musk traded shares for $ 14 billion. The corporation has been in default with around a quarter of its worth since its high in November. This week, Time and the Financial Times named Musk as “Person of the Year”.
Time commented that Musk "has no home and is selling off his fortune", that he "launches satellites into orbit and tames the sun", that he "drives a self-made car which needs no fuel and hardly needs a driver", and that he "makes markets take off or swoon with the flick of a finger".