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Home Wealth & Lifestyle Billionaire Watch

How Elon Musk lost $8 billion this week 

Michael Ndu-Okeke by Michael Ndu-Okeke
March 24, 2021
in Billionaire Watch
Tesla Inc: Elon Musk nears $346 million paycheck

Elon Musk, Chairman and Chief Executive officer of Tesla Motors Inc.,

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Tesla boss, Elon Musk, the second richest man on the planet lost $8bn from his net worth this week.

According to Forbes, Elon Musk is currently worth $162.4 billion and is still the richest man. Musk’s net worth is highly intertwined with his shares in his Tesla company.

This week the shares took a hit which led to the $8bn loss. We are going to briefly explain what led to this loss below.

READ: Tesla has $1.5 billion worth of Bitcoin

The Germans are here

This week German automobile giants, Volkswagen announced a detailed plan to get involved in the blossoming electric car market. According to the plan, they hope to become the leading electric car manufacturer in the world by 2025.

The announcement drove up Volkswagen company shares by 15%. Experts and analysts strongly believe Volkswagen would be a very competent competitor to Tesla. This led to a 6.9% drop in Tesla shares shaving $8bn from Musk’s net worth.

READ: Tesla investor sues Elon Musk for causing problems with his tweets

What you should know 

  • The automobile industry has been dominated by German companies for a very long time. German automobile companies have at many times in the past set high standards that US carmakers have struggled to compete with.
  • The entrance of an 84-year-old German automobile company into the electric car market seems to have set off the alarm bells in the US Market.
  • Elon Musk is still the second richest man in the world behind his American counterpart, Jeff Bezos.

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