Elon Musk loses some change in the couch
After stock in Tesla plunged for 48 consecutive hours, founder Elon Musk lost $50 billion in total – but don’t worry, he is still the richest man in the world.
Musk has demonstrated his almost totalitarian sway on the stock market through Twitter. The electric car and Space X entrepreneur asked his 63.1 million followers if he should sell his 10 per cent stake in Tesla – and then news broke that his brother Kimbal had sold his shares just before the initial poll.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?
— Elon Musk (@elonmusk) November 6, 2021
The real nail in the coffin was an Insider report published on Tuesday (November 9) focusing on Michael Burry – the investor made famous in director Adam McKay’s movie The Big Short – which said that Musk may want to sell shares to cover his personal debts.
The drop is the biggest two-day decline in the history of the Bloomberg Billionaires Index and the second-biggest one-day fall after Jeff Bezos’s $36 billion drop following his divorce in 2019.
Musk’s decline has closed the gap a little between him and the former Amazon founder, as they are now just $83 billion apart – which is a totally relatable amount of money.
For perspective, Cathie Wood’s ARK Investment Management lost $750 million in Tuesday’s sell-off, while founder Larry Ellison lost a staggering $2.1 billion.
Despite the plummet, Musk’s fortune is still up 70 per cent this year thanks to the combination of Tesla earnings and a higher evaluation total of SpaceX.
In other Musk news, the innovator and the UN have been playing a game of chicken over the climate crisis.
After UN chief David Beasley called out billionaires on CNN and called for them to “step up now, on a one time basis”, Musk responded to call his bluff.
In response, Musk tweeted: “Describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.”
.@elonmusk Instead of tweets, allow me to show you. We can meet anywhere—Earth or space—but I suggest in the field where you can see @WFP’s people, processes and yes, technology, at work. I will bring the plan, and open books.
— Cindy McCain (@WFPChief) November 1, 2021
In response, Beasley tweeted: “Headline not accurate. $6B will not solve world hunger, but it WILL prevent geopolitical instability, mass migration and save 42 million people on the brink of starvation. An unprecedented crisis and a perfect storm due to Covid/conflict/climate crises.
Read the full story: UN chief calls Musk’s bluff on $6B world hunger offer
“With your help we can bring hope, build stability and change the future.
“Let’s talk: It isn’t as complicated as Falcon Heavy, but too much at stake to not at least have a conversation. I can be on the next flight to you. Throw me out if you don’t like what you hear!”
Related links:
- Jake Paul promises to donate $10m to end world hunger if Musk gives his $6b
- Elon Musk’s wealth spikes $13.4B in one day, making him richer than Finland’s entire GDP
- Musk sets out UN conditions for $6B Tesla stock donation to end world hunger
