The world’s richest man, Elon Musk, lost a whopping $20 billion overnight after he said Tesla could cut prices further in “turbulent times.”
On Forbes and Bloomberg’s real-time billionaire lists, the Tesla CEO tops the list of biggest losers as of July 21. The devastating blow narrowed the chasm between Mr. Musk and the world’s second-richest man, Bernard Arnault, CEO of luxury goods maker LVMH. Arnaud and his family’s net worth increased by $952 million to $235.2 billion, according to Forbes magazine’s real-time list.
Musk’s massive loss came after Tesla’s stock plummeted 9.74%, the biggest single-day drop since April 20, after the electric-car maker said its second-quarter gross margins fell to their lowest in four years. The CEO’s mention of further price cuts to increase sales did not help at all.
