Elon Musk’s Wealth Declines by $15B as Tech Stocks Plunge

By Benzinga
December 5, 2021 Updated: December 5, 2021

The stock market saw an overall plunge on Friday after a discouraging November jobs report coupled with COVID-19 Omicron variant concerns.

Technology stocks were among the most notable losers on Friday as Tesla Inc. fell 6.4 percent.

With that, Tesla CEO Elon Musk’s net worth fell by $15.2 billion. That leaves Musk’s fortune at $268.9 billion.

Last month Bloomberg ranked Musk as the wealthiest person in the world.

Most of Musk’s wealth is credited to his stake in Tesla and his holdings in the space transportation services company SpaceX, which Musk founded.

The plunge in technology stocks also led to big losses for other industry titans. Jeff Bezos’s net worth dropped by $2.7 billion as shares of Amazon.com Inc. declined 1.4 percent in New York.

Oracle Corporation co-founder Larry Ellison saw his fortune fall $2.6 billion.

Also, the Meta Platforms Inc. CEO Mark Zuckerberg’s wealth dropped $1.3 billion to $114.7 billion.

By Bibhu Pattnaik

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