Elon Musk lost $ 29 billion in a single day, what is the reason for this? Learn here
New Delhi:
The US stock market saw a huge decline on Monday. In this selling, legends of Tech Stocks like Google, Amazon, Apple, Meta, Microsoft, Envidia and Tesla The shares fell strongly. Tesla’s stock fell to 15.4% to close at 222.15, causing a huge decrease in Alan Musk’s wealth. Let us know that the remarks made about the recession of US President Donald Trump (Recession) created a ruckus in the US stock market.
Heavy fall in Musk’s property
According to the Bloomberg Billionaire Index, Alan Musk’s wealth on Sunday was $ 330 billion, which came down to $ 301 billion on Monday. His assets decreased by $ 29 billion in a single day, which shows a decline of about 6.7%. Tesla’s shares contributed to this decline, which is considered to be the biggest intraday decline after September 2020.
This year Tesla’s shares fall by $ 132 billion
From the beginning of this year, Alan Musk’s wealth has decreased by a total of $ 132 billion. By the end of December 2024, Musk’s assets had reached $ 486 billion. Nasdaq 4% was broken on Monday and S&P 500 also saw a decline of 3%. Tesla’s stock has now fallen more than 54% from its height, which has reduced the company’s market cap by about $ 800 billion.
In addition, investors are concerned that the company may harm the company due to possible retaliation against Musk. Protests and showrooms have also been vandalized in many stores of the company against Tesla.
European markets impact
Tesla’s global cells have also decreased. Europe, especially in France, has recorded a 26% decline in cars sales in February. Tesla’s registration declined by 63% in January, which is the lowest in France since August 2022. Tesla’s orders have also seen a decrease in the UK, Germany and other major European markets. Tesla’s sales have fallen by 45% across Europe, while the industry’s total EV registration has increased by 37%.
Amidst all this, Alan Musk said on the social media platform x that it will take a little longer but everything will be alright. Nevertheless, this huge decline in Tesla’s shares has increased the concern of investors.
