Here’s how much Elon Musk lost in a week after Tesla stock sale poll

Elon Musk‘s wealth dwindled by $50 billion this week after Tesla Inc. shares registered their biggest fall this year. Tesla stock closed down 11.99% on Tuesday after a two-day plunge prompted by Musk’s poll for Twitter followers on whether he should sell 10% of his stake in the company and news that his brother Kimbal had sold shares worth hundreds of millions of dollars prior to the vote.

Musk’s $50 billion plunge is the biggest two-day decline in the history of the Bloomberg Billionaires Index, and the biggest one-day fall after Jeff Bezos lost $36 billion following his divorce from MacKenzie Scott in 2019.

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Musk surpassed the Amazon.com Inc. founder to become the world’s wealthiest person for the first time in January, with the gap between the net worth of the two super-billionaires peaking to as much as $143 billion at one point.

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A report by Insider on Tuesday quoted investor Michael Burry of “The Big Short” movie fame, as saying that Musk may be trying to cover his personal debts by selling the shares.

Cathie Wood’s ARK Investment Management, whose funds have been selling shares in Tesla over the past few months, lost more than $750 million in Tuesday’s selloff, according to Bloomberg. Tesla’s second-largest individual shareholder, Oracle Corp. founder Larry Ellison, lost $2.1 billion.

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Musk has said that because he doesn’t take a salary or cash bonus, his wealth comes from gains in Tesla’s share price and a package he was awarded as part of a CEO performance plan in 2012. The award for 22.8 million shares at a strike price of $6.24 per share is due to expire on Aug. 13, 2022, according to CNBC. Musk is also entitled to additional options from an unprecedented 2018 CEO pay package as well.