Elon Musk becomes the World’s Second-richest Man as he loses $27billion in one week

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Tesla’s CEO, Elon Musk has fallen behind Jeff Bezos as he lost $27 billion in wealth in the space of one week amid a selloff in the company’s stock.

According to the Bloomberg Billionaires Index, 49 years old Musk was worth $157 billion after markets closed on Friday, marking a 15 percent plunge in his net worth from the beginning of the week.

He is now firmly in the No. 2 spot and $20 billion CEO Jeff Bezos, after vying for months with Jeff Bezos for the title of world’s richest man

This comes after a reported rapid selloff in the tech sector, with Tesla shares hit harder than most and falling nearly a third from their all-time peak in January.

Tech shares soared more than the rest of the market for much of the pandemic. But on Friday, the company’s shares dropped as much as 13% before closing down 3.8% at $597.95, the lowest since Dec. 3. The stock lost 11% of its value just this week, extending its losing streak to four weeks, the longest since May 2019.