A sharp drop in Tesla’s share price this week has wiped some $27 billion from its CEO Elon Musk’s enormous fortune. The carmaker’s stock has been tumbling for four days in a row amid a wider tech sell-off.
shares tumbled almost four percent to the lowest in almost three months on Friday, pushing its weekly losses to over 13 percent. At the current price of almost $598, Tesla
shares are down nearly 30 percent from its peak of $883 seen on January 26.
Fluctuations of Tesla
’s share price inevitably have an impact on the net worth of its CEO, billionaire Elon Musk
, who owns about 20 percent of the stock. The decline knocked some $27 billion off the Tesla
boss' net worth, which currently stands at $157 billion, according to Bloomberg Billionaires Index. Musk is also no longer the world’s richest person – the title he had briefly taken from Amazon founder Jeff Bezos earlier this year amid Tesla
's eye-popping rally.
While even Musk at some point said that Tesla
’s shares could be overvalued, the recent drop came amid a wider sell-off in tech stocks triggered by a spike in US Treasury yields and the prospect of higher inflation. While the Nasdaq closed 1.6 percent higher on Friday, the tech-heavy index was still almost two percent lower for the week, marking the longest losing streak in almost half a year. According to Bloomberg, the Nasdaq 100 stocks lost $1.6 trillion in market value over the last three weeks.