Elon Musk lost $16.5 billion in 24 hours

The founder of SpaceX company, the general director of Tesla Elon Musk for the past day lost $16.5 billion, having fallen in a rating of the richest people of a planet on the eighth place. This is evidenced by the September 9 Forbes Real-Time rating data, which tracks the state of billionaires in real time.

The day before at the auction Tesla shares lost one fifth of their value. At the closing of the New York Stock Exchange, they fell by 21.06% to $330.21.

Analysts believe the decline in the value of the manufacturer’s shares may have been affected by the formation of a bubble with an unnecessarily sharp rise and the failure of Tesla last week to enter the S&P 500 broad market index.

In addition, on September 8, Nikola and GM announced that they would join forces to manufacture the Badger electric truck, a potential direct rival to Tesla’s Cybertruck.

Earlier Tuesday, Musk ranked seventh in Forbes’s $68 billion richest people rankings and now has approximately $36 billion in capital.