South African-born billionaire Elon Musk has seen his net worth plunge by about $25 billion since his appearance on Saturday Night Live last weekend.
According to data tracked by the Bloomberg Billionaire Index, Musk has lost about $25 billion of his net worth after a steep 15-percent decline in the shares of his flagship company, Tesla.
The tech tycoon was worth an estimated $184 billion according to the report when he appeared on SNL on May 8. The valuation comfortably made him the wealthiest person to ever host the comedy show.
However, the 15-percent decline in Tesla’s shares has lowered his net worth from $184 billion to $159 billion by close of market on May 13, thus giving him the same wealth valuation as French billionaire art collector Bernard Arnault.
Shares of Tesla, the U.S.-based electric carmaker, are headed for their worst weekly loss since a COVID-19-driven selloff in March 2020.
The company’s rough performance has been linked to a report by the China Passenger Car Association that Tesla sold 27 percent fewer made-in-China cars in April versus March.
The decline in the company’s April sales in China came amid an overall 12-percent month-on-month drop in April for new energy passenger cars in China, and increased scrutiny on Tesla from regulators.
In addition, analysts and stock market commentators have linked the poor performance of the stock to Musk’s tweet this week that Tesla suspended vehicle purchases using Bitcoin over concerns of excessive energy use during the mining process.
Analysts also believe Musk’s sudden reversal on accepting Bitcoin as payment for Tesla is confusing and poses a risk to investors in cryptocurrency and company stock, and this could increase volatility in Tesla’s shares.