Elon Musk's wealth took a significant hit on Thursday, October 20, 2023, as the stock market reacted to the release of Tesla's weak third-quarter financial earnings.
Musk, who is Tesla CEO, had a whopping $16 billion( about N12.3 trillion) sliced off his net worth during 6 hours, 30 minutes(9:30 am to 4 pm) of trading in the US.
Data from Bloomberg shows that Elon Musk, who is the richest person on the planet, now has a fortune of $210 billion from the $226.1 billion it stood at on Wednesday, October 19, 2023.
Musk owns 13% of Tesla and derives most of his wealth from the auto company.
Tesla's shares fell by 9.3% after missing quarterly earnings and sales expectations.
Other billionaires' wealth performance
While Musk remains the richest man in the world, the massive loss in the last 24 hours has helped Bernard Arnault, the world's second-richest man, close the gap.
Arnault's net worth increased by $999 million on Thursday to $155 billion.
Also, Jeff Bezos, the third man on the billionaire list, made a gain of $17.9 million, increasing his wealth to $152 billion
Dangote, Rabiu record losses
It was also a bad day for Africa's richest man, Aliko Dangote and Abdulsamad Rabiu, as both of them recorded losses.
Data showed that Dangote's net worth dropped by $492 million (about N375.88 billion) in one day.
As of the end of Thursday, October 20, Dangote is worth $15.8 billion and has slipped down to 110th place on the list of the richest men.
Bloomberg reports that since the start of 2023, Dangote has lost $2.86 billion of his wealth.
Similarly, Abdulsamad Rabiu, Nigeria's second richest man, also recorded losses of $453 million (about N346.09 billion) in a single day, causing him to drop further in the billionaire ranking.
Rabiu's net worth is now $5.52 billion, which has affected his ranking, causing him to drop 3 places to 445th in the Bloomberg billionaire ranking.
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