Elon Musk loses $11 billion in a day. Now, ranked world’s second richest

CEO Tesla Elon Musk

  • US technology stocks, including Tesla, have been under pressure due to a surge in US bond yields.
A selloff in Tesla shares overnight has knocked off $11 billion from the wealth its founder Elon Musk. His wealth was pegged at $169 billion, according to Bloomberg Billionaires Index. Musk is now ranked world’s second richest after Amazon’s Jeff Bezos whose wealth is $178 billion. Bloomberg Billionaires Index is a daily ranking of the world’s richest people.

US technology stocks have been under pressure due to a surge in US bond yields. A higher yield can make bonds more attractive, drawing money out of stocks, especially high-priced tech giants that powered last year’s market rebound. Apple shares fell 3.4%, Microsoft lost 2.7% and Tesla slumped 6.9%.

Musk and Bezos have been battling for the top spot on the Bloomberg wealth index since the Tesla founder took over in January, the month his fortune hit $210 billion.

Electric carmaker Tesla had recently crowned its billionaire founder and CEO Elon Musk with a new title: Technoking. And Zach Kirkhorn, the company’s chief financial officer, will now be known as “Master of Coin”. The company did not say whether the new titles would bring with them any additional duties.

However, “Elon and Zach will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer,” the filing stated.

Norm-shattering entrepreneur Musk has more than 49 million followers on Twitter.

The entrepreneur also waded in Monday to the new online fascination with digital art forms known as “NFTs,” virtual objects that can be sold with a certificate of authenticity proving that they are, in theory, non-piratable thanks to the blockchain technology that was popularized by cryptocurrencies such as Bitcoin.

Musk announced on his Twitter account that he would be selling a video clip of techno music about NFTs, or Non-Fungible Tokens, as an NFT. (With Agency Inputs)

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