Elon Musk's falls out of elite $200 billion club, net worth shrinks

New Delhi: Tesla and SpaceX CEO Elon Musk's net worth took a hit following Tesla stock's massive drop on Tuesday.  Amid a 7 percent crash in Tesla share prices, Elon Musk dropped below the elite $200 billion club that wiped off his net worth by 5.40 percent to $192.7 billion in the list of Bloomberg Billionaires Index. 

Despite having over nearly $8 billion lopped off his net worth, Elon Musk still stands as the world's richest person. This still places him far ahead of the world's second-richest person, Amazon founder Jeff Bezos, whose net worth as per Bloomberg Billionaires Index is estimated to be at $127.80 billion.

Last week, the Tech billionaire lost $12 billion off his net worth following Tesla stock's drop and the S&P Global Ratings' decision to boot Tesla from its ESG index. Musk's decline in net worth also comes amidst his announcement that he would no longer be voting for a candidate from the Democratic Party in the next elections, reports Teslarati.

Tesla shares dropped 6.8 percent last week, and according to Wedbush analyst Dan Ives, the primary driver for this change was the company's departure from the S&P 500 ESG Index. "The ESG (environmental, social, and corporate governance) issue is weighing on the stock combined with the market doldrums," Ives noted.

With IANS Inputs