The 'ballot-box effect' devours the fortune of #Musk , who loses $70 billion in a day
Record drop in personal wealth
The fortune of #ElonMusk suffered a loss of nearly $70 billion in 24 hours (including a $77.5 billion loss over the past week). Despite the severe blow, their net worth remains an astronomical $798.7 billion, comfortably retaining the #1 spot globally with more than twice the wealth of the second person on the Forbes list.
Massive destruction of corporate value: The mogul's flagship companies, #Tesla (TSLA) and #SpaceX (SPCX), jointly erased more than $420 billion in market capitalization in a single trading session.
Blow to Tesla: The electric vehicle company's stock fell 10.77% (-$41.50) to close at $343.69, with additional downward pressure building in after-hours trading.
SpaceX loses ground: The aerospace firm, meanwhile, fell 9.05% (-$12.30), closing at $123.62.
The political catalyst: The sharp sell-off in the assets of Musk's empire was triggered by the Democratic Party's decisive victory in the U.S. midterm elections, a result that has raised concerns about potential regulatory, tax, and subsidy changes affecting his businesses.
$SPCXB
$TSLAB
$QQQB
Record drop in personal wealth
The fortune of #ElonMusk suffered a loss of nearly $70 billion in 24 hours (including a $77.5 billion loss over the past week). Despite the severe blow, their net worth remains an astronomical $798.7 billion, comfortably retaining the #1 spot globally with more than twice the wealth of the second person on the Forbes list.
Massive destruction of corporate value: The mogul's flagship companies, #Tesla (TSLA) and #SpaceX (SPCX), jointly erased more than $420 billion in market capitalization in a single trading session.
Blow to Tesla: The electric vehicle company's stock fell 10.77% (-$41.50) to close at $343.69, with additional downward pressure building in after-hours trading.
SpaceX loses ground: The aerospace firm, meanwhile, fell 9.05% (-$12.30), closing at $123.62.
The political catalyst: The sharp sell-off in the assets of Musk's empire was triggered by the Democratic Party's decisive victory in the U.S. midterm elections, a result that has raised concerns about potential regulatory, tax, and subsidy changes affecting his businesses.
$SPCXB
$TSLAB
$QQQB
