Tesla Inc (NASDAQ:TSLA) CEO Elon Musk is no longer in the $200 billion club, of which he was the sole member, after the electric vehicle maker’s latest stock plunge, Bloomberg News reported on Wednesday.
What Happened: The billionaire entrepreneur’s net worth dropped to $192.7 billion on Tuesday as shares of Tesla fell nearly 7%.
Tesla’s drop outpaced that of the broader S&P 500 Index, which ended the day down 0.8%.
Musk continues to be the richest person on earth even as his net worth is the lowest since Aug. 26.
Amazon.com Inc (NASDAQ:AMZN) founder Jeff Bezos is second richest at $127.8 billion, according to the Bloomberg Billionaires Index.
See Also: Expect More Musk-Related Fireworks At Twitter Shareholder Meeting This Week: Wedbush Analyst
Tesla Under Pressure: The EV maker’s shares have been under pressure lately as production in China, one of its key markets, was recently hit by nearly month-long strict COVID-19 curbs.
Further, growing competition in the electric vehicle space and Musk’s recent Twitter Inc (NYSE:TWTR) ‘circus show’ and ‘soap opera' too have contributed to the stock's weakness, according to some analysts.
Musk owns about a 9% stake in the microblogging company that he intends to take private in a $44 billion deal that is currently on hold.
Price Action: Tesla shares closed 6.9% lower at $628.16 on Monday, sinking to their lowest levels since June.
