Net worth of Billionaire Elon Musk has sunk lower again.
Gatekeepers News reports that the most recent fall follows the drop in Tesla’s market capitalization by $30 billion at the close of trade on Monday.
According to Forbes real-time billionaire estimates on Monday, Elon Musk’s net worth has recorded a $3.9 billion drop, putting his valuation at $194 billion.
The decline follows the performance of Tesla shares which dipped Monday to their weakest level since last May, extending 2024’s brutal selloff for Elon Musk’s electric vehicle maker as Tesla loses gas compared to its fellow big technology stocks.
This sharp fall, amounting to 5% in midday trading, positioned Tesla on track for its lowest close since May 18, 2023.
The selloff resulted in a staggering $29.7 billion reduction in Tesla’s market capitalization, bringing it down to $568.7 billion.
Following this drop, Tesla slipped to the 10th position on the list of the highest-valued companies in the S&P 500, falling below Broadcom Inc. and Eli Lilly & Co.
According to a report from German business daily Handelsblatt, Germany-based software company SAP SE, which manages a fleet of 29,000 vehicles, is discontinuing its purchase of Teslas. The fleet manager cited challenges with Tesla’s frequent changes in list prices and early deliveries, making planning and storage difficult.
Tesla’s recent setback coincides with heightened scrutiny surrounding CEO Elon Musk’s $56 billion pay package, which was recently nullified by a Delaware court.
