Eccentric entrepreneur and SpaceX CEO Elon Musk's fortune has plummeted by $27 billion in a week, as Tesla's stock price has fallen significantly, eroding the billionaire's net worth, Bloomberg Billionaires Index showed on Sunday.
According to the data, Musk, was worth $157 billion after markets closed on Friday, a 15% drop in his net worth from the start of the week. Musk is now comfortably in second place in the list of world's richest men again, about $20 billion behind Amazon's Jeff Bezos, after a months-long fight for the title.
It comes after a sharp drop in the tech sector, with Tesla shares taking the brunt of the downturn, falling by nearly a third from their all-time high in January.
On the last day of trading, Friday, Tesla, was the S&P 500's heaviest dragging stock on Friday, with its value falling 3.8%, bringing its total current losses to 15.3%.
The electric carmaker's Model 3 line in Fremont, California, was reportedly forced to shut down for two weeks due to a shortage of critical computer chips.
Meanwhile, Musk said on Saturday that Tesla will most likely confirm a second-quarter delivery date for its much-anticipated Cybertruck.
Update probably in Q2. Cybertruck will be built at Giga Texas, so focus right now is on getting that beast built.— Elon Musk (@elonmusk) March 6, 2021
According to the company's production statistics and sales data, Tesla was a little short of the mark of half a million cars delivered in 2020, although the carmaker delivered a total of 180,870 vehicles in Q4, which is a quarterly record.
While Tesla increased total deliveries, the average sales price per vehicle fell 11% year over year, as more customers switched to the less expensive Model 3 and Model Y, according to the company's earnings page.