Tesla and SpaceX CEO Elon Musk has long been one of the world's richest people, but he lost his title as the world's second-richest person on Friday after his net worth fell by $15.8 billion. The drop came as Tesla's stock price fell by 6.8% following a report that the electric carmaker is facing a federal investigation over its Model 3 production estimates. Musk is now worth an estimated $22.8 billion, putting him behind only Amazon CEO Jeff Bezos on the Forbes billionaires list.
Tesla stock falls after disappointing earnings
Tesla stock fell sharply Wednesday after the electric automaker reported disappointing quarterly earnings and gave a weak outlook for the rest of the year. The stock was down more than 12% in early trading. The drop erased $13.6 billion from Tesla's market value and pushed CEO Elon Musk's net worth below $200 billion for the first time since early December, according to Bloomberg Billionaires Index.
Musk is now the world's second-richest person, behind Amazon.com founder Jeff Bezos. Tesla's weak outlook for vehicle deliveries also weighed on the stock. The company said it expects to deliver between 50% and 70% fewer vehicles in the first quarter compared with the fourth quarter.
Musk's net worth plummets
Elon Musk has become the first person to lose $200 billion, as his net worth plummets from $210 billion to $10 billion.
Musk's net worth has been on a roller coaster ride this year, as he has lost and gained billions of dollars several times.
Most recently, Musk's net worth took a hit after Tesla's stock price dropped sharply.
This is not the first time Musk has lost a large amount of money. In 2008, he lost $180 million when the stock market crashed.
Despite his recent losses, Musk is still one of the richest people in the world, with a net worth of $10 billion. He is also the founder of several successful companies, including Tesla, SpaceX and SolarCity.
Tesla shares recover somewhat
Tesla shares recovered somewhat on Friday after CEO Elon Musk lost more than $200 billion in market value this week. Tesla stock was down about 2% in early trading, but had been down as much as 5% earlier. The decline comes after a report that the Securities and Exchange Commission is investigating whether Musk misled investors when he tweeted last month that he had "funding secured" to take Tesla private. The SEC has not confirmed the investigation.
Musk's net worth rebounds
Elon Musk's net worth has rebounded after he briefly lost his title as the world's richest person.
Musk's fortune dipped below $180 billion on Friday after Tesla shares fell 5.4%, but he regained the top spot on Saturday as the stock rose 2.8%.
The 49-year-old entrepreneur is now worth an estimated $185.4 billion, according to Bloomberg Billionaires Index.
Musk's wealth has fluctuated wildly in recent months as Tesla's stock has soared and then plunged. He briefly became the world's richest person in January, only to lose the title a few weeks later.
Musk is now worth more than $50 billion more than the second-richest person on the planet, Amazon founder Jeff Bezos.
Despite his massive wealth, Musk has said he does not plan to leave his fortune to his children. "I would like to leave them enough so that they could do what they want, but not so much that it would ruin their lives," he said in an interview with Joe Rogan last year.
Tesla stock falls again
Tesla stock fell sharply on Tuesday after Elon Musk lost more than $200 billion in net worth.
The drop came as investors continued to worry about Tesla's ability to meet its production goals for the Model 3 sedan. Tesla has been struggling to ramp up production of the car, and some analysts have questioned whether the company will be able to meet its goal of producing 5,000 cars per week by the end of June.
Musk's fortune has fluctuated wildly in recent months, as investors have responded to Tesla's production problems and other challenges. Musk is now worth an estimated $19.8 billion, according to Bloomberg Billionaires Index.
Tesla stock was down more than 9 percent in early trading on Tuesday. The stock is down more than 30 percent since the beginning of the year.