Musk’s net worth plummeted for 3 days and evaporated $21 billion: Apple, Tesla and other collapsed U.S. stocks were sold off across the board
At the beginning of April this year, Tesla CEO Elon Musk topped the Forbes Global Billionaires List. Who would have thought at that time that he would become the richest man who lost the most this year under the impact of the continuous slump in U.S. stocks.
According to the Bloomberg Billionaires Index, Musk’s personal net worth was $216 billion as of Wednesday’s close on May 11, wiping out $15.6 billion in one day, more than anyone outside of the top 12 on the rich index. The combined loss of the other nine billionaires in a single day is 4.4 times the loss of Amazon founder Bezos, who ranks second only to Musk.
Below is a screenshot of the Bloomberg Billionaires Index:Among the top 12 richest people, only Bernard Arnault, CEO of LV’s parent company LVMH, and Mexico’s richest man, Carlos Slim, are the only three whose wealth has increased this week. Bezos and fourth-ranked Microsoft founder Bill Gates lost $3.53 billion and $1.02 billion, respectively, in one-day wealth. However, Musk’s current net worth is far more than other rich people, 67% higher than Bezos’ net worth.
Until this Thursday, the decline of U.S. stocks has not ended. Tesla fell more than 7% when it refreshed the daily low on Thursday. Since then, the decline has narrowed to less than 3%. The cumulative decline on Thursday and Sunday has exceeded more than five days. 15% last week. Moreover, Wall Street is increasingly bearish on U.S. stocks. If the trend of the sharp decline has not reversed, Musk’s assets will inevitably shrink significantly.
Goldman Sachs has cut its year-end target for the S&P 500 twice in a row this year. The agency’s current forecast for the S&P 500 is 4,700, implying a slightly negative return for U.S. stocks in 2022, but up 14% from current levels. The index could still rise if a recession is avoided, but an economic contraction could push the S&P 500 down to 3,600, the report said.
Bank of America strategists did not cut their S&P 500 forecasts in a client note last week, but said the market will continue to slide. The S&P 500 had its worst first four months since 1939, according to Bank of America data, and the sell-off in global markets is set to continue.
In addition, Apple’s stock price fell more than 8% this week, wiping out about $200 billion in market value, dragging down both the Dow and Nasdaq. Technically, Apple and other tech giants have officially entered a bear market.
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