Tesla Inc., the famous entrepreneur Elon Musk’s company that produces electric vehicles, lost $ 82 billion in a single session. According to the news in Bloomberg HT, Tesla was not included in the Standard & Poor’s 500 (S&P 500) index. Investors, acting with an expectation in this direction, were greatly surprised. Tesla made the biggest daily crash in its history due to this event.
Tesla was down 21% the previous day to $ 330. The firm’s $ 82 billion was melted as a result of this decrease. Tesla has also lost 33% since September.
This loss of Tesla also greatly eroded Elon Musk’s fortune. Musk’s fortune dropped $ 16.3 billion on Tuesday, causing Musk to suffer the biggest one-day loss in history, according to the Bloomberg Billionaires Index.
One of the Worst Falls
Tesla’s founder and CEO Elon Musk’s personal fortune dropped by over $ 16 billion in transactions that lasted more than six hours on Tuesday, and the company’s shares also saw the worst drop, according to wealthy lists held by Bloomberg and Forbes.
According to The Economic Times, the money the company lost on Tuesday is more than all Indian stocks such as Titan, HDFC Life and UltraTech Cement. Only 21 companies in India are worth more than the fortune Musk lost in a day.
Entrepreneur Elon Musk lost $ 163 billion in 1 day
With this depreciation, Musk also moved to the list of billionaires. At the end of August, Musk had risen to third place on these charts, just after Jeff Bezos and Bill Gates. The rankings changed when Tesla’s shares fell 21 percent in Tuesday’s session. According to the Bloomberg Billionaires Index, Musk dropped to 6th place in the list of the richest people in the world and dropped to eighth on the Forbes list.
He compared Tesla and DeFi to Each Other
As we have previously reported, Galaxy Digital CEO Mike Novogratz established a link between cryptocurrencies and the electric car company Tesla. Novogratz stated that there is a parallel between the speculative frenzy in the decentralized finance (DeFi) industry and the rally of Tesla, which is the world’s most valuable automaker, and said:
“The interesting things we see in DeFi are parallel to what we see at Tesla. Both are just speculative madness. There are new projects that do really great things, but there is such a rapid liquidity surge that a lot of projects that are not audited enough are getting investment.
Novogratz later warned investors, stating that he was worried about Tesla and that a major correction could come.