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Tesla erased $199 billion, Elon Musk lost $50 billion in just two days

The drop narrows Musk's lead over Bezos as the world's richest person to $83 billion

Photo: Reuters
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Despite the latest drop, Tesla is still up 45 per cent this year (Photo: Reuters)

Bloomberg
Tesla lost about $199 billion in value during its biggest back-to-back selloff since September 2020 amid a host of negative news.

The drumbeat of adverse headlines reached a crescendo after Elon Musk’s Twitter poll that asked voters over the weekend if he should sell 10 per cent of his stake in the electric-vehicle company was followed by news of his brother Kimbal selling some shares just before the poll. 

There was also a Business Insider report on Michael Burry, the investor made famous by “The Big Short” movie, saying Musk may want to sell stocks to cover his personal debts.

Musk has lost