Russia officially declared war on Ukraine earlier this week after invading the nation with military force.
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 start 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.
His latest net worth represents about a 41.66% decrease since his peak high on November 4 of last year when he catapulted to $ 340.4 billion.
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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