Tesla’s CEO, Elon Musk has lost $27 billion in wealth in the space of one week amid a selloff in the company’s stock.
Musk, 49, was worth $157 billion after markets closed on Friday, marking a 15 percent plunge in his net worth from the beginning of the week, according to the Bloomberg Billionaires Index.
He is now firmly in the No. 2 spot and $20 billion CEO Jeff Bezos, after vying for months with Jeff Bezos for the title of world’s richest man
This comes after a reported rapid selloff in the tech sector, with Tesla shares hit harder than most and falling nearly a third from their all-time peak in January.