Tesla Inc. (NASDAQ:TSLA) Chief Executive Officer Elon Musk is $5 billion U.S. poorer.
As the share price of the electric car maker continues to fall, it has had a major impact on Musk and his personal net worth. The stock price of Tesla has dropped 43% this year, erasing $4.9 billion U.S. from the value of Musk’s stake.
Investors have grown skeptical about consumer demand for Tesla’s electric vehicles, and for the company’s ability to meet deadlines and fulfill orders. Musk, age 47, is now ranked number 46 on the Bloomberg’s Billionaires Index with a net worth of $19.7 billion U.S. and dropping, down from 29 at the start of the year.
The rout has erased a total of $7.8 billion U.S. from Tesla’s four largest individual shareholders – Musk, Tencent Holdings Ltd., Saudi Arabia’s Public Investment Fund and Larry Ellison – including $2.7 billion U.S. in May alone.
Ellison, the Oracle Corp. (NASDAQ:ORCL) co-founder who has been a vocal defender of Musk, bought three million shares of Tesla stock last year and joined Tesla’s Board of Directors in December 2018.
