Elon Muskthe only billionaire who can boast of a net value from more than $ 200 billion earlier this week, his fortune fell $ 13.3 billion on Thursday as Russia began hostilities in Ukraine.
The net worth of Tesla’s CEO is now approximately $ 199 billion, according to the Bloomberg Billionaire Index.
He is one of only two people to ever reach the sacred $ 200 billion mark – the other is rival Jeff Bezos, who surpassed it last April before falling to $ 176 billion in December.
Markets collapsed on Thursday amid a massive invasion of Eastern Europe.
Elon Musk, the only billionaire to boast a net worth of more than $ 200 billion earlier this week, saw his fortune fall by $ 13.3 billion on Thursday when Russia launched military operations in Ukraine
Shares of Tesla fell for the fifth day in a row on Thursday morning to $ 700 per share, its lowest estimate since August, amid a sell-off on the world market caused by fears about the Russian occupation, which began early Thursday. It has since recovered to $ 768 a share on Thursday afternoon and has continued to move around the mark.
Shares of Tesla fell for the fifth day in a row on Thursday morning to $ 700 per share, its lowest estimate since August, amid a sell-off on the world market caused by fears about the Russian occupation, which began early Thursday.
It has since recovered to $ 758 a share and has continued to waver around the mark until noon ET on Thursday.
The 50-year-old Musk owns $ 172.6 million in the electric car maker – who boasted a trillion dollars by December when he fell below that limit after a South African tycoon surveyed his followers on social media about whether he should sell his stake – which he did. the largest individual shareholder and his wealth is indisputably tied to the current market value of the company.
The ten richest people in the world
1. Elon Musk – $ 199 billion
Source: Tesla, Space X
2. Jeff Bezos – 169 billion dollars
Source: Amazon
3. Bernard Arnault – 155 billion dollars
Source: LVMH
4. Bill Gates – 122 billion dollars
Source: Microsoft
5. Larry Page – 114 billion dollars
Source: Google
6. Warren Buffett – 112 billion dollars
Source: Berkshire Hathaway
7. Sergei Brin – 115.1 billion dollars
Source: Google
8. Steve Ballmer – $ 101 billion
Source: Microsoft
9. Larry Ellison – $ 90 billion
Source: Software
10. Mukesh Ambani – $ 89.9 billion
Source: Microsoft
Data from the Bloomberg Billionaires Index as of February 24
The company’s value on Thursday is estimated at approximately 789.64 billion dollars, which is lower than the highest value in November of 1.1 trillion dollars – nearly 30 percent decline.
Musk, who is still the richest man in the world, has seen $ 72 billion wiped out of his fortune so far this year – more than the combined wealth of the three next richest, Bezos, Louis Vuitton boss Bernard Arnault and Bill Gates, taken together – as markets continue to fade around growing tensions between Ukraine and Russia.
Bezos, the second richest man in the world, according to Bloomberg, and Arno have reportedly lost approximately $ 22 billion from their fortunes so far this year, leaving their net worth at $ 169 billion and $ 155 billion, respectively.
Musk, meanwhile, peaked his fortune at $ 340.4 billion last November, when Tesla shares hit a record $ 1,222 a share – 43 percent more than the lowest seen on Thursday.
Later that month, the brilliant CEO, known for his social media antics, asked his tens of millions of Twitter followers if he should sell part of his 17 percent stake in his company, sparking a sharp drop in its shares that wiped out 35 billion dollars of its net worth during the day.
In the following months, shares recovered briefly at the end of last year, approaching $ 1,200 before reaching a free fall in 2022, reaching $ 846 at the end of January and fading to $ 700 in February.
During this significant downturn, Musk sold staggering $ 16 billion in donations and donated $ 5.7 billion to charity, apparently anticipating the effect that the escalating Russia-Ukraine situation would have on his company and thus on his wealth.
After months of hesitation and uncertainty stemming from a future conflict between the two nations, stocks began to fall sharply on Wall Street on Tuesday after Russia sent forces to eastern Ukraine, further escalating tensions.
Then, on Thursday, Russian troops launched a night raid on several cities bordering Ukraine, including the capital Kiev, which led to a sharp decline in shares in Europe and the United States, as the S&P 500 also fell in trade early in the morning.
The conflict in Ukraine, which began early Thursday, shook the global stock market, affecting companies and people around the world
Second and third richest man Jeff Bezos and Louis Vuitton boss Bernard Arnault have lost approximately $ 22 billion from their fortunes so far this year, leaving their net worth at $ 169 billion and $ 155 billion, respectively.
Shares of US tech giants such as Amazon fell on Thursday after news of Russia’s invasion of Ukraine spread. Bezos owns approximately 11% of Amazon’s stock and lost $ 22 billion in a few days due to a struggling market
Arnault Moët Hennessy Louis Vuitton’s LVMH also experienced a sharp drop in its wealth, falling by about 6 percent from Wednesday to Thursday
In November, Musk, known for his social media antics, asked tens of millions of Twitter followers if he needed to sell part of his 17 percent stake in his company, sparking a sharp drop in its shares that wiped out $ 35 billion from his network. . worth within the day. During this downturn, Musk sold a staggering $ 16 billion in shares and donated $ 5.7 billion to charity, anticipating the effect the situation between Russia and Ukraine would have on his wealth.
Shares of US technology companies such as Amazon, Apple and Google were also spared on Thursday as Russia’s invasion hampered global markets.
The Nasdaq technology composite index fell 2.5 percent – its losses are worse than the market as a whole – after the bell rang on Thursday. Individual names in technology have gone through even worse trials.
Shares of Apple fell 4 percent when markets opened, while the mother of Facebook Meta fell 2.0 percent, Amazon 1.2 percent and Google 1 percent.
Industry observers say the technology is particularly vulnerable to a sharp sell-off, although Russia and Ukraine are not key markets for US technology giants. This is because they are already trading at such high prices that any small disturbance could take them off their already volatile pedestals, analysts say.
Energy markets also tightened as shares in Moscow fell an unprecedented 50 percent, prompting officials to suspend trading earlier in the day. Trade has resumed since then.
Oil prices also jumped to $ 105 a barrel, and global stock indexes fell everywhere, widening market turmoil amid fears of a full-blown military conflict between the two bordering countries.
Russia is a major producer of energy, hence fluctuations in volatile energy prices, which are then compounded by the inevitable risks of wider conflict, with more countries ready to enter the battle to provoke a full-scale war.
Oil prices have already risen recently to their highest level since 2014.
On Thursday, it rose about $ 4, or 3.7 percent, to about $ 95 a barrel in e-commerce on the New York Mercantile Exchange.
The price of Brent crude oil, the standard for international oil, rose by an astonishing $ 11.50, reaching about $ 105 a barrel for the first time since 2014, confirming fears of a growing conflict that is disrupting global energy supplies.
US President Joe Biden announced new sanctions against Russia on Thursday afternoon, refusing to take oil from the country, which the head of state called “the aggressor” in the conflict.
He warned that Putin’s “choice” to go to war with Ukraine would hamper the country’s economy.
Louise Dixon, a senior oil market analyst at Rystad Energy, says the concerns are justified and that oil prices will continue to rise as the conflict continues to worsen.
“Oil prices are rising without end, as news of Russia’s full-scale military invasion of Ukraine, which immediately puts up to 1 million barrels per day (barrels per day) of Russian crude oil passing through Ukraine and “The Black Sea,” she told Reuters on Thursday.
At least three major Russian oil buyers have failed to open letters of credit from Western banks to cover purchases on Thursday, the paper said.
“Russia is the third largest oil producer and the second largest oil exporter. Given low stocks and declining spare capacity, the oil market cannot afford major supply disruptions, UBS analyst Giovanni Staunovo said on Thursday.
“Supply concerns can also stimulate the accumulation of oil stocks, which supports prices.”
Russia is also the largest supplier of natural gas to Europe, providing more than a third of the continent’s supplies.