The wealth of the world’s richest man fell on Tuesday by 5.4%, to $ 192.7 billion, following shares of Tesla Inc fell nearly 7%. The electric car maker’s losses exceeded the losses of the broader S&P 500 index, which ended the same day’s trading, down by 0.8%.
While Tesla CEO Elon Musk net worthreached its lowest level since August 26, but the co-founder of Tesla remains the richest among a handful of people with a fortune of at least $100 billion, according to the Bloomberg Billionaires Index.
Amazon co-founder Jeff Bezos came in second place, with a fortune of $127.8 billion.
This is the first time that Musk’s fortune has fallen below the $200 billion threshold seen in March. But markets immediately rebounded, taking his net worth to $288 billion on April 4, according to the Wealth Index.
The current declines indicate that Musk has lost a third of his wealth from the highest levels recorded this year.
That was the same day Musk revealed that he had acquired regarding 9% of the social networking platform Twitter. Days later, he made a takeover offer and eventually got the approval of the board of directors, but doubts regarding the acquisition grew amid the decline in technology shares, as the shares of the two companies fell.
Musk said earlier this month that the deal would be on hold until Twitter provides public evidence regarding how many accounts on the platform are being controlled by bots and fake accounts.
