Elon Musk Loses $16.5B in One Day
Mark Blinch/Reuters
Main page News, Elon Musk, Tesla

Tesla CEO Elon Musk has lost $16.5B in just one day after the company's stock crash. As a result, he has fallen to the sixth place in Bloomberg's ranking of the world's richest people with an estimated wealth of around $82.2B.

At the same time, he has fallen to the eighth position in Forbes's classification with an estimated wealth of $71.4B. According to Forbes, Musk has been one of the five richest people in the world for just under a month.

Tesla's shares dropped by 21% yesterday to $320.21 after the S&P Dow Jones Index 5 Committee decided not to include the company's shares in the S&P 500 without any reason. The decision was made in spite of the fact that Tesla met all of the conditions to be included in the index.

Tesla hoped to enter the S&P 500 thanks to the company's good quarterly reports. In July, the company reported earnings for the fourth consecutive quarter.

In August, Tesla's board of directors approved a 5-to-1 split of its stocks in order to make them more accessible to investors and its own employees.

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