One accusation of sexual harassment and the richest man in the world became $10 billion poorer.
Poland’s budget in 2021 amounted to USD 404 billion. Elon Musk lost $10 billion, or approximately PLN 43 billion, during the day.
Most of Elon Musk’s wealth is invested in Tesla shares, of which he owns 15%, so any move on the stock market could make him a billionaire, or a slightly poorer billionaire.
On Thursday, May 19, Elon Musk’s fortune was estimated at $212 billion according to Bloomberg (almost twice as much as Poland’s budget in 2021). On that day, an accusation by a former SpaceX stewardess came to light, according to which Elon Musk exposed himself to a woman and proposed sexual intercourse with her. SpaceX was to pay the woman 250,000. dollars for silence. Elon Musk denied the accusations.
Musk loses $10 billion in a day
After the news, the value of Tesla shares fell by 6.4%. dragging with it the value of Elon Musk’s fortune, which that evening was valued at $10 billion less, at $202 billion.
Tesla is not only valued higher than every other automaker, it is valued higher than all other manufacturers combined. Due to the fact that investors’ perception of Tesla is strongly related to the perception of its CEO, Elon Musk, his actions may cause price fluctuations. This was the case, for example, when Elon Musk announced that he planned to buy Twitter for $44 billion. Tesla shares then fell 12%.
Elon Musk offered to buy Twitter because he wants to turn it into a social platform that will be a “bastion of free speech.” Musk halted the offer when Twitter’s CEO was unable to prove what percentage of Twitter accounts were fake.