Abstract:
According to Business Insider, after the U.S. midterm elections,
both Tesla and SpaceX stock prices fell more than 3% on Wednesday, causing Elon Musk’s personal wealth to shrink by approximately US$33 billion in a single day
.Despite the sharp retracement, Musk still tops the list of the world's richest people with a net worth of approximately US$865 billion
.
The report quoted the Bloomberg Billionaires Index as saying that as of Wednesday's close, Amazon founder Jeff Bezos ranked second with a wealth of approximately US$375 billion, and Musk's lead over him still reached approximately US$490 billion. In other words, even if Musk's wealth decreases by an amount equivalent to Bezos' entire net worth, he will still remain the richest man with an advantage of about $115 billion.
The share prices of Tesla and SpaceX both fell by more than 3% that day, and the combined market value of the two companies evaporated by nearly US$100 billion
. Since most of Musk's wealth is directly related to his holdings in these two companies, related stock price fluctuations will also significantly affect the size of his personal wealth.The decline occurred after the U.S. midterm elections. Reports show that Musk invested at least US$446 million in support of Republican candidates and related political groups before this round of elections, of which approximately US$224 million was invested in the Texas election. After the election results came out, investors began to reassess the possible impact of changes in the U.S. political landscape on Tesla, SpaceX and Musk's other businesses.
As of the time of the report, Tesla and SpaceX stock prices continued to fall before the market opened on Thursday. Musk's current wealth is still higher than the combined net worth of Bezos and Google co-founders Larry Page and Sergey Brin.
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