Elon Musk’s net worth plunged $16.3 billion (Dh60bn) Tuesday, the largest single-day wipeout in the history of the Bloomberg Billionaires Index, as the Tesla rout continued.
The electric-carmaker fell 21 per cent in New York trading – the most ever – on news of a partnership between competitors Nikola and General Motors, deepening a selloff that began last week after it was snubbed for inclusion in the S&P 500 Index.
The world’s wealthiest people have seen wild swings in their net worths lately as retail traders accelerate buying and selling in stocks.
Amazon’s Jeff Bezos lost $7.9bn Tuesday, while Zhong Shanshan added more than $30bn to his fortune – making him the third-richest person in China – after shares of the bottled-water
company he founded surged following an initial public offering.
Shares of Nongfu Spring, whose red-capped bottles are sold across China everywhere from mom-and-pop snack stalls to high-end hotels, jumped 54 per cent in its Hong Kong debut, pushing Mr Zhong’s fortune to $50.9bn. After opening lower, the stock was up 3.5 per cent as of 10:38 a.m. local time on Wednesday.
Mr Musk’s loss and Mr Zhong’s gain are the largest moves in the history of the Bloomberg index, excluding net worth revisions for divorce, redistribution and inheritances.
Mr Musk’s drop would have been even larger if he hadn’t collected his third tranche of options Tuesday – now worth $2.2bn – tied to his moonshot compensation package.
Mr Musk, who is now worth $82.3bn, fell behind Bernard Arnault for fifth on the list of the world’s richest people.
The Tesla chief executive briefly joined the rarefied centibillionaire club last month, thanks to his audacious pay package and a nearly 500 per cent rally in Tesla shares from January to the end of August.
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Sukuk
An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
UAE currency: the story behind the money in your pockets
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KILLING OF QASSEM SULEIMANI
