Elon Musk has suffered a $27 billion dent in his Tesla fortune, according to Bloomberg's Billionaires Index, as heavy selling amid broader market weakness last week caused headaches for some investors.
A rout of about the same percentage since the beginning of year dented Musk's historic riches, sending him to second place on a ranking of the world's wealthiest.
At $157 billion, Musk now trails Amazon chief executive Jeff Bezos, the world's richest person, by about $20 billion.
Electric vehicle stocks have been on a tear in 2020, fueled by a storm of reverse-mergers, technical breakthroughs, and potential political help. As Tesla shares tumbled more than 16% the week of March 1, so too did the wealth (on paper at least) of Musk, its chief executive and largest shareholder.
Luckily for Musk, the Tesla losses are padded partially by continued gains for SpaceX, a private entity in which he also holds a massive stake, which continues to garner new investment and higher valuations. Tesla wasn't the only electric vehicle stock to stutter following months of searing gains. Chinese startup Nio has declined about 40% from a February high, with its competitors like XPeng and Li Auto falling similar amounts.
A shortage of critical microchips is also affecting new and entrenched automakers around the world, with the White House pledging to help stave off some of the impact.