It appears that Elon Musk’s decision to sell a part of his massive Tesla stock has triggered panic among Tesla investors. On Tuesday, Tesla shares fell in value causing Musk’s personal fortune to drop by $35 billion in a single day. Although he still retains his spot at the top of the world’s richest list, Musk has now set the record for the most single loss in two trading days.
What Triggered The Loss
On Saturday, Elon Musk created a poll on Twitter asking his followers to have a say in a decision involving him selling 10% of his Tesla stocks. Musk has an astonishing 93 million Tesla stocks of which 10% amounts to about $35 billion as of the time that he created the Twitter poll.
Musk, in the tweet thread, said that he would abide by the decision of the majority. As of press time, 57.9% of the 3,519,252 users who voted said yes, while 42.1% said no. The vote has since ended, and going by Musk’s promise, he might be selling 10% of his Tesla stock soon.
A few minutes after his tweet, Musk’s brother, Kimbal, reportedly sold off some of his Tesla stocks. Although both events are mutually exclusive, the rational mind sought a connection between them.
Their decision might have triggered a selling panic among Tesla investors who might be looking to sell off some stocks before Musk, the biggest Tesla stockholder, sells a whopping $35 billion worth of stocks. The increased selling pressure has now resulted in a 12% drop in Tesla’s value, corresponding to a $35 billion personal loss for Musk whose portfolio is largely made up of Tesla stocks.
Although Musk lost such a huge amount, he is not the first or the biggest loser in a single trading day. Jeff Bezos reportedly lost $37 billion dollars in a single day after his divorce from his then-wife. The $37 billion is the value of the total settlements that she received from the divorce. While Bezos holds the record for the most loss in a single day, Musk holds the record for the most loss in two trading days.
Tesla’s drop over the past two days has resulted in a $50 billion loss for Musk. On Monday, Tesla shares fell by 5%, bringing Musk down by $15 billion. The downtrend continued on Tuesday as Tesla fell by another 12%, increasing Musk’s losses to $50 billion.
Musk “Bigger” Than Dogecoin
The crypto community could not help but notice that Elon Musk lost an amount that was far bigger than the entire market cap of memecoins, Dogecoin, and Shiba Inu. The two memecoins are the flag bearers of what is now called the memecoins revolution.
Musk is a known lover of Dogecoin and has promoted the token on Twitter several times. His influence has helped to grow the token to become valuable to the extent that AMC has agreed to start accepting DOGE for payment.