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Elon Musk lost nearly $6 billion in one day as Tesla sank 17%

Elon Musk lost nearly $6 billion in one day as Tesla sank 17%
Elon Musk lost nearly $6 billion in one day as Tesla sank 17%
At the peak of Tesla's rally, Musk was ranked as high as No. 20 on the Bloomberg Billionaires Index. He now sits at No. 25.
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As Tesla sank Wednesday, so did Elon Musk's fortune.

Musk lost $5.9 billion when Tesla shares sank 17% Wednesday, the second-largest drop ever for the automaker, Bloomberg reported. That pushed him down to No. 25 on the Bloomberg Billionaires Index.

At the peak of Tesla's rally, Musk sat as high as No. 20 on the list. He began the year ranked 35, according to Bloomberg. Musk's total net worth is now $39.3 billion, according to the Bloomberg Billionaires Index.

Tesla's tumble on Wednesday came after an epic parabolic surge that sent the stock soaring as much as 60% in just six days. Amid the surge, analysts at New Street Research and Canaccord Genuity downgraded the stock to "hold" from "buy," signaling that the end of the run might be near.

A number of short-sellers also weighed in on the stock's rise, which many said was disconnected from fundamentals. On Wednesday, Steve Eisman of "Big Short" fame said that he exited his Tesla short position "a while ago," as everyone has "a pain threshold."

On the flip side, some short-sellers are digging in their heels. Andrew Left, the short-seller who rose to fame betting against Valeant Pharmaceuticals, said on Wednesday that he was short Tesla, going back on a promise he made in 2018 to not short the stock ever again.

Tesla has gained 74% year-to-date through Wednesday's close.

Read the original article on Business Insider
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