Musk's
wealth has fallen by $113bn since midterms
The
post-midterms market rout has been particularly painful for Elon Musk.
Musk (who put $446m of support into
Republican campaigns), has lost around $113bn of wealth in the last two days.
This is
because his two largest companies have both been badly hit in the sell-off.
Tesla fell 3.34% on Wednesday, as
investors reacted to the Democrats’ electoral success, then 10.7% on Thursday.
Musk owns 17.7% of the carmaker.
SpaceX lost 3.8% on Wednesday, then 9%
yesterday – which also hurt Musk as he owns 10.3% of it.
In total, Musk’s
paper wealth fell by $33.5bn on Wednesday, and then by another $79.7bn
yesterday, according to Bloomberg’s
Billionaires Index.
Despite
this, Musk is still the world’s richest person with a paper wealth of
$785bn, more than double Jeff Bezos in second place with $370bn.
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