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Musk is down $4.9bn in Tesla's worst year start



Elon Musk’s worth has tumbled

Elon Musk’s worth has tumbled

Elon Musk’s worth has tumbled

Tesla shares have never had a worse start to a year than in 2019, and Elon Musk is paying the biggest price.

The stock has tumbled 43pc this year, lopping $4.9bn (€4.4bn) from the value of Musk's stake, as Wall Street has grown increasingly sceptical about consumer demand for the company's electric vehicles.

Musk (47) is now ranked 46th on the Bloomberg Billionaires Index with a net worth of $19.7bn (€17.6bn), down from 29th at the start of the year.

The rout has erased a total of $7.8bn (€6.98bn) from the stakes of Tesla's four biggest individual shareholders, Musk, Tencent Holdings, Saudi Arabia's Public Investment Fund and Larry Ellison, including $2.7bn (€2.4bn) in May alone.

Ellison, the Oracle Corp co-founder who has been a vocal defender of Musk, bought three million shares last year and joined Tesla's board in December. JPMorgan Chase & Co also may be exposed.

Saudi Arabia's Public Investment Fund owns about 5pc of Tesla but hedged most of its holding in January through an arrangement with the bank.

Tesla's share price has tumbled 46pc since the January transaction, meaning the value of PIF's holding has shrunk by more than $1.3bn (€1.16bn) in that span.


Sunday Indo Business