Elon Musk's net worth tumbles by $29bn as Tesla shares plunge


Felicity Glover
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It has been a week of highs and lows for multibillionaire Elon Musk, whose net worth plummeted 10.83 per cent — or $29 billion — to $239.2bn overnight after shares in his electric-vehicle maker Tesla plunged 12 per cent in New York trading, wiping about $126bn off the company's value, according to the Forbes Real-Time Billionaires List.

Tesla investors are concerned Mr Musk may have to sell shares to complete his $44bn takeover of Twitter, which was approved by the social media company's board of directors this week, Bloomberg reported on Wednesday.

On Tuesday, the 50-year-old founder and chief executive of Tesla and rocket company SpaceX had a net worth of $268.2bn, the Forbes data showed.

However, it isn't the first time Mr Musk's net worth has taken a beating.

On November 14, Mr Musk lost a record $50bn after Tesla shares plunged two days in a row.

“It is the biggest two-day decline in the history of the Bloomberg Billionaires Index and the highest one-day fall after [Amazon founder] Jeff Bezos’s $36bn decline after his divorce from MacKenzie Scott in 2019,” Bloomberg reported at the time.

Just two weeks earlier, on October 28, 2021, Mr Musk became the first person on the planet to be worth more than $300bn, with a personal fortune of $302bn, according to the Bloomberg Billionaires Index.

The drop in Mr Musk's current net worth narrows his lead over Mr Bezos — the world's second-richest person with a personal fortune of $165.2bn — to $74bn.

The Canadian-American businessman, who was born in South Africa and has seven children, owns about 17 per cent of Tesla, a February 2021 regulatory filing showed.

His stake in privately held SpaceX is valued at about $40.3bn, figures compiled by Bloomberg show.

Mr Musk made his first millions in the 1990s, when he sold his first company, Zip2, for more than $300 million. He then launched X.com, an online payment system that eventually became PayPal, which he sold to eBay for $1.5bn in 2002.

Meanwhile, Tesla’s stock price plunge comes amid a broader sell-off in equity markets around the world due to slower economic expansion and persistent inflation, according to Bloomberg.

This means Mr Musk wasn't the only billionaire to lose a sizeable slice of his personal fortune overnight, with the net worth of eight of the world's top 10 richest billionaires also falling a combined $51.7bn, according to the Forbes data.

However, there were two wealth-gainers in the top 10 list.

Self-made billionaire and Adani Group chairman Gautam Adani, now the world's fifth-richest person, added $4.7bn, or 3.86 per cent, to his net worth of $126.6bn, while Reliance Industries chairman Mukesh Ambani climbed two places in the Forbes Real-Time Billionaires List to become the seventh-richest person on the planet with a net worth of $105.6bn, up $4bn, or 3.94 per cent.

Top 10 richest people in the world

  • Elon Musk: $239.2bn
  • Jeff Bezos: $165.2bn
  • Bernard Arnault: $157.4bn
  • Bill Gates: $129.4bn
  • Gautam Adani: $126.6bn
  • Warren Buffett: $119.8bn
  • Mukesh Ambani: $105.6bn
  • Larry Ellison: $103.8bn
  • Larry Page: $102bn
  • Sergey Brin: $98.1bn

Source: Forbes Real-Time Billionaires List

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The%20specs%3A%202024%20Mercedes%20E200
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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

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If you go

The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.

The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.

COMPANY%20PROFILE
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

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This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

The specs

Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8 
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k

UAE currency: the story behind the money in your pockets
F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
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Man City 3

Raheem Sterling 35', 49'

Ferran Torres 65'

 

 

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Directors: Tarzan and Arab Nasser

Rating: 4.5/5

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The Lost Letters of William Woolf
Helen Cullen, Graydon House 

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

Abu Dhabi GP starting grid

1 Lewis Hamilton (Mercedes)

2 Valtteri Bottas (Mercedes)

3 Sebastian Vettel (Ferrari)

4 Kimi Raikkonen (Ferrari)

5 Daniel Ricciardo (Red Bull)

6 Max Verstappen (Red Bull)

7 Romain Grosjean (Haas)

8 Charles Leclerc (Sauber)

9 Esteban Ocon (Force India)

10 Nico Hulkenberg (Renault)

11 Carlos Sainz (Renault)

12 Marcus Ericsson (Sauber)

13 Kevin Magnussen (Haas)

14 Sergio Perez (Force India)

15 Fernando Alonso (McLaren)

16 Brendon Hartley (Toro Rosso)

17 Pierre Gasly (Toro Rosso)

18 Stoffe Vandoorne (McLaren)

19 Sergey Sirotkin (Williams)

20 Lance Stroll (Williams)

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

UAE currency: the story behind the money in your pockets
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Stats at a glance:

Cost: 1.05 billion pounds (Dh 4.8 billion)

Number in service: 6

Complement 191 (space for up to 285)

Top speed: over 32 knots

Range: Over 7,000 nautical miles

Length 152.4 m

Displacement: 8,700 tonnes

Beam:   21.2 m

Draught: 7.4 m

While you're here
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APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Updated: April 27, 2022, 12:19 PM`