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Elon Musk's fortune takes a $1.5bn hit after SEC lawsuit

Sep 28 2018 21:27
Sophie Alexander

It’s looking like another bad day for Silicon Valley billionaires Elon Musk and Mark Zuckerberg.

Musk’s fortune dropped by $1.5bn on Friday in New York, the day after the Securities and Exchange Commission accused the Tesla CEO of misleading investors with his infamous tweet last month about taking the electric-car maker private. In its lawsuit, the SEC is also seeking to ban him from serving as a director or officer.

Meanwhile, Zuckerberg’s net worth fell about $2bn after Facebook said on Friday that it discovered a security breach earlier this week that affected almost 50 million of the social media giant’s accounts.

Shares of Facebook declined 2.7% to $164.28 at 1:50pm in New York. Tesla shares dropped 13% to $267.38, and have tumbled 29% since Musk’s August 7 tweet saying he had financing arranged to take the company private at $420 a share.

Musk’s net worth has fallen more than $4bn since last month, putting his fortune at about $21.6bn, according to the Bloomberg Billionaires Index. Facebook co-founder Zuckerberg’s worth about $64.6bn, according to the index.

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tesla  |  facebook  |  mark zuckerberg  |  technology  |  billionaires
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