22 May , 2021 By : Kanchan Joshi
Tesla Inc.’s chief executive officer (CEO) Elon Musk's wealth has declined around $8 billion this year as the EV maker's shares recorded longest weekly losing streak in three years.
As per Bloomberg Billionaires Index, which is a daily ranking of the world’s richest people, Musk's wealth as of May 22, 2021 stands at $162 billion, down $8.09 billion (-4.8%) year-to-date. Earlier this week, Musk lost his spot as the world’s second-richest person to LVMH Chairman Bernard Arnault.
Tesla Inc. shares hit a gloomy milestone as it dropped for a fifth straight week. The stock closed down 1.5% for the week, at $580.88. It is the longest weekly losing streak for Elon Musk’s electric vehicle (EV) company since March 2018, coming as investors started avoiding riskier stocks amid growing concerns about inflation and its impact on the U.S. economy, as well as some intense flare-ups of Covid-19 infections in some countries.
The U.S.-based electric car company's China sales declined in April versus March, according to figures released by the China Passenger Car Association. The EV maker's shares were on top of last week’s slump amid a global rout in technology stocks and fresh signs of trouble in its China business. Despite reporting record first-quarter profit, California-based company’s shares have since fallen by about a fifth amid a global semiconductor shortage and increasing competition from traditional automakers.
Musk, 49, became the world’s richest person in January after Tesla’s shares surged almost 750% last year amid a boom in technology-driven stocks.
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