Tesla Inc CEO Elon Musk is no longer in the $200 billion club, of which he was the sole member, after the electric vehicle maker’s latest stock plunge, Bloomberg News reported on Wednesday.
What Happened: The billionaire entrepreneur’s net worth dropped to $192.7 billion on Tuesday as shares of Tesla fell nearly 7 percent.
Tesla’s drop outpaced that of the broader S&P 500 Index, which ended the day down 0.8 percent.
Musk continues to be the richest person on earth even as his net worth is the lowest since Aug. 26.
Amazon.com Inc founder Jeff Bezos is second richest at $127.8 billion, according to the Bloomberg Billionaires Index.
Tesla Under Pressure: The EV maker’s shares have been under pressure lately as production in China, one of its key markets, was recently hit by nearly month-long strict COVID-19 curbs.
Further, growing competition in the electric vehicle space and Musk’s recent Twitter Inc ‘circus show’ and ‘soap opera' too have contributed to the stock's weakness, according to some analysts.
Musk owns about a 9 percent stake in the microblogging company that he intends to take private in a $44 billion deal that is currently on hold.