Loose Lips?…Musk's Wealth Vanishes by 28 Trillion Won in Four Days

▲Elon Musk, CEO of Tesla [Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Elon Musk, CEO of Tesla, has seen his wealth evaporate by 28 trillion KRW in just four days.

On the 14th (local time), according to a report by the US financial media Market Insider citing the Bloomberg Billionaires Index, Musk's net worth decreased by $25 billion (approximately 28.23 trillion KRW) since the beginning of this week.

As of the 9th, his net worth was $184 billion (approximately 207.82 trillion KRW), but with Tesla's stock price falling for four consecutive trading days from the 10th to the 13th, his wealth shrank to $159 billion (approximately 179.59 trillion KRW).

On the 13th, Tesla closed at $571.69 on the New York Stock Exchange. Compared to the closing price of the last trading day of the previous week ($672.37), this represents a sharp drop of 14.9%.

According to Forbes, which uses a slightly different calculation method than Bloomberg, Musk's net worth as of the 13th was $145.5 billion (approximately 164.3 trillion KRW), showing a decrease of $20.5 billion (approximately 23.15 trillion KRW) over four days.

Musk's consecutive explosive remarks are believed to have caused turmoil in the cryptocurrency market, which in turn affected Tesla's stock price.

Earlier, on the 12th (local time), he suddenly announced the suspension of Bitcoin payments for Tesla vehicle purchases, causing Bitcoin prices to plummet, and the next day, he posted a tweet seemingly promoting Dogecoin.

On the 8th, he also mentioned Dogecoin during his appearance on the US NBC's flagship comedy show "Saturday Night Live (SNL)".

Forbes analyzed, "Wall Street analysts warn that Musk's recent actions are confusing cryptocurrency investors and causing additional volatility to Tesla's already struggling stock price."

They added, "With growing inflation concerns in the stock market and continuing negative factors for Tesla in China, a key market for electric vehicles, the stock price is under pressure."