Elon Musk’s net worth plunges a record $16.3 billion in only a day

Elon Musk’s net worth plunged $16.3 billion Tuesday, the biggest single-day wipeout in the records of the Bloomberg Billionaires Index, because the Tesla Inc. rout continued.

The electric-carmaker fell 21% in New York trading the most ever on information of a partnership among competitors Nikola Corp. and General Motors Co., deepening a sell-off that started out last week after it was snubbed for inclusion withinside the S&P 500 index.

The world’s wealthiest humans have currently seen wild swings in their net worth as retail investors boost up buying and selling in stocks. Amazon.com Inc’s Jeff Bezos lost $7.9 billion Tuesday, even as Zhong Shanshan brought greater than $30 billion to his fortune making him the third-richest individual in China – after stocks of the bottled water agency he founded surged following an preliminary public offering.

Shares of Nongfu Spring Co., whose red-capped bottles are sold throughout China anywhere from mom-and-pop snack stalls to high-end hotels, jumped 54% in its Hong Kong debut, pushing Shanshan’s fortune to $50.9 billion.

Musk’s loss and Shanshan’s advantage are the biggest movements in the records of the Bloomberg index, except for net worth revisions for divorce, redistribution and inheritances. Musk’s drop could had been even large if he hadn’t accumulated his third tranche of options Tuesday -now worth $2.2 billion -tied to his moonshot compensation bundle.

Musk, who’s now worth $82.3 billion, fell behind Bernard Arnault for 5th on the list of the world’s richest humans. The Tesla executive officer in short joined the rarefied centibillionaire club last month, thanks to his audacious pay bundle and a almost 500% rally in Tesla stocks from January to the end of August.