Elon Musk loses over $16 billion in hours, no more world’s 3rd richest person

Elon Musk loses over $16 billion in hours, no more world’s 3rd richest person

Tesla and SpaceX founder Elon Musk on Wednesday lost a fortune in a matter of hours after shares of his company slumped sharply.

According to the Bloomberg Billionaires Index, Musk lost $16.3 billion in a day and his net worth now stands at $82.2 billion. On September 1, Musk became the world’s third-richest man after his wealth soared to $115.4 billion.

However, the billionaire owner has now dropped to sixth place on the Bloomberg Billionaires Index, making way for Warren Buffet and Bernard Arnault.

Musk $16 billion single-day loss is massive as it is more than the entire market value of many companies in India.

The outspoken billionaire's loss comes after Tesla shares plummeted over 20 percent on Tuesday as the electric carmaker was not added to the S&P 500. Earlier, Tesla shares were rising exponentially in hopes that it would be added.

However, it was not just Musk who saw a deep plunge in his wealth. The world’s richest man Jeff Bezos also lost $7.9 billion in a single day and his wealth fell to $186 billion. Bill Gates saw his fortune slip by $2.05 billion while Facebook CEO Mark Zuckerberg lost $4.6 billion.

Mukesh Ambani, who is currently positioned seventh on the Bloomberg Billionaires Index, was the only individual who saw his wealth surge by $421 million in a single day.

Other billionaires like Steve Ballmer, Larry Page, and Sergey Brin also lost billions due to a poor run in US stock markets on Tuesday.