News of the invasion rocked the stock market globally as fears of sanctions, commodity depletions and a potential (and seemingly inevitable) increase in prices of goods (oil being a major one) caused many to panic and begin short selling their shares.
Naturally, those with strong holdings in certain companies saw their net worths and portfolios plummet as the market began to dip, and billionaires were among those who saw major financial losses.
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Notably among these was Tesla CEO Elon Musk, whose net worth dropped below a longstanding $200 billion to around $198.6 billion as he lost an estimated $13.3 billion on Wednesday.
Musk was the only person left to have crossed the $200 billion mark in valuation prior to his decrease.
Tesla dropped to its lowest point since last August to around $700 a share. As of late Friday morning, the stock had rebounded to around $802, up about 0.15% from the same time the day prior.
The Tesla CEO currently owns 172.6 million shares in his company, a number that’s lowered massively in recent months after Musk vowed to sell 10% of his shares in the company in an effort to fight back against criticism that he was not taxed for his income.
According to Bloomberg, Musk’s net worth was still listed as $207 billion.
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o far this year, Musk’s fortune took a $63.2 billion hit, more than the next three richest people combined ($60.1 billion). Worth mentioning here is that Amazon founder Bezos has seen $16.4 billion wiped out from his fortune this year. French luxury goods billionaire Bernard Arnault has lost 29.7 billion, and Microsoft co-founder Bill Gates shed $14 billion from his fortune.
Last year, Musk donated almost $6 billion worth of Tesla shares to charity, becoming America’s biggest philanthropist after Gates and his ex-wife Melinda French Gates.
Musk and Bezos are the only two people whose wealth has ever crossed $200 billion to date. In August 2020, Bezos saw his fortune rise above $202 billion on the Bloomberg Billionaires Index, and he became the first person to cross the $200 billion threshold.
On November 4, Musk’s net worth climbed to $340.4 billion, when Tesla shares reached a record high. Last year, he lost $50 billion in two days, and the lost marks the largest two-day drop in the history of the index, as per Bloomberg.
https://www.timesnownews.com/business-economy/companies/apple-boss-cook-vows-to-support-humanitarian-efforts-in-ukraine-on-steve-jobs-67th-birth-anniversary-article-89831064#:~:text=New%20Delhi%3A%20Expressing,peace%2C%22%20he%20
tweeted.
Co-incidentally, Russia’s invasion of Ukraine fell on the same day as Apple co-founder Steve Jobs’ birth anniversary (February 24). Cook said that Jobs would have turned 67 this year.
Taking note of the grim geo-political crisis, Cook emphasised on Jobs’ call “to leave the world better than we found it.” “Marking Steve’s birthday never gets any easier. In these challenging times, I’m remembering his call for us to use our time wisely, to pursue excellence, and to leave the world better than we found it. Today would have been his 67th birthday
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