Elon Musk has lost $27 billion in wealth in the span of a week, after Tesla's plunging share price took a major bite out of the entrepreneur's net worth. Musk, 49, was worth $157 billion after markets closed on Friday, marking a 15 percent plunge in his net worth from the beginning of the week, according to the Bloomberg Billionaires Index. After vying for months with Jeff Bezos for the title of world's richest man and topping the Amazon CEO as recently as last week, Musk is now firmly in the No. It follows a rapid selloff in the tech sector, with Tesla shares hit harder than most and falling nearly a third from their all-time peak in January. Analysts have long warned of a bubble in the tech sector, fueled in part by an influx of cash from small investors, with Tesla shares singled out as potentially overvalued.

Source: Daily Mail March 07, 2021 22:19 UTC