Elon Musk 'swealth fell 5.4% to $193 billion on Tuesday asTesla shares dropped 7%.- Uncertainty over Musk's purchase of
Twitter has driven a sell-off in shares of Tesla, which have fallen 41% this year.
Elon Musk is out of the $200 billion club after $4 shares slid 7% on Tuesday.
Musk's wealth dropped 5.4% to $193 billion as the electric carmaker's share price fell, according to $4 - which means he lost $11.1 billion in a single day.
Tesla is down 41% year-to-date, as the tech sector has sold off more broadly. It's fallen just under 38% since $4.
Musk has stirred controversy since the prospective takeover was announced by $4. The ongoing uncertainty appears to have dented Tesla's value.
"This circus show has been a major overhang on Tesla's stock," Wedbush's Dan Ives said in a note on Monday. "Musk is facing a fork-in-the-road situation in which he has to decide his next step in this soap opera, as Tesla investor patience is wearing very thin."
Musk has already dropped out of the $200 billion club twice this year — $4 and then again in March. Stock market rallies pushed him back over that threshold on both occasions.
Musk's net worth is now the lowest it's been since last August, according to the $4. He's lost just under $78 billion this year, but is still comfortably the world's richest person.
Musk is $65 billion richer than