Bloomberg’s Billionaires Index reported the largest single-day loss ever, with Musk losing approximately $16.3 billion USD. The news comes after Tesla stock plummeted by 21 percent, amounting to about a $80 billion drop in market value, far more than the combined value of General Motors Co and Ford.

According to the New York Times, Tesla was recently excluded from the S&P 500 index, which measures the stock performance of 500 large companies, contributing to their falling share prices. Shareholders have long been wary of Musk’s impetuous decisions and statements and this news isn’t likely to alleviate these concerns. Still, despite the 21% percent drop on Tuesday, Tesla shares rose by 295% this year following the company’s first reported annual operating profit in 2019.

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