A WEEK AGO, Elon Musk lost his title as the world’s richest person to Bernard Arnault of LVMH, as his holdings of stock in the slumping Tesla, Inc. (TSLA on the Nasdaq) dipped into the $150s per share before settling at $160.95 at close.
Since then—ah, I’m deleting a whole paragraph about Musk’s frenzied-yet-tiresome, ever-more-liquefied public meltdowns at Twitter. As of this morning, Musk still held second place on the list of the world’s richest people, nearly $30 billion ahead of the Indian industrial magnate Gautam Adani. As of this evening, pending the update of the Bloomberg billionaire standings, a substantial chunk of that lead appeared to have been burned away.
Where TSLA was scraping the bottom of the $160s a week ago, it spent today scraping against, and then breaking through, the bottom of the $140s—diving to a new two-year low of $137.66, before closing at $137.80. It is down more than 65 percent in 2022. Gautam Adani is coming up fast.
The $23.15 that Tesla lost in the last seven days would have been enough to buy any of the following:
• Five hazmat warning placards, Class 3 Flammable Liquid, Code 1863: fuel, aviation, turbine engine (vinyl, permanent adhesive)
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