Elon Musk dropped out of the $200 billion club again because of Tesla tumbles. He saw his fortune drop 5.4% to $192.7 billion, while shares of Tesla Inc. fell almost 7%. The electric-car maker’s losses outpaced those of the broader S&P 500 index, ending the day by 0.8%.
Although Elon Musk’s wealth is the lowest since August 26, the Tesla co-founder remains easily the richest of some people, worth at least $100 billion. With $127.8 billion, Jeff Bezos’s Amazon.com Inc. is second.
Previously Elon Musk last dropped out of the $200 billion club due to his Tesla tumbles in March. However, according to the Wealth Index, markets quickly rebounded, taking his net worth to $288 billion on April 4.
That was the same day that Elon Musk revealed that he had acquired around 9% of the social media platform Twitter Inc. ( TWTR ). Days later, he launched a takeover offer and eventually won board approval, but doubts about the takeover have grown amid a slump in tech stocks that has dragged down shares of both companies.
Elon Musk said at the beginning of this month that he would hold the deal until Twitter presented public evidence about the number of accounts on the platform controlled by bots. Twitter maintains that the acquisition is going ahead as planned.