Elon Musk Loses $16.6 Billion

The Chairman of Tesla and SpaceX lost $16.6 billion after the shares of Tesla dropped by 9% this week, Forbes reported on Friday.

The fall of Tesla shares came after Reuters cited an email sent by Musk to the executives of Tesla company asking them to suspend hiring worldwide and work to decrease the employment by 10% due to concerns over the economy in the US.

The report added that Musk informed all directors to pause all hiring worldwide. This directive order came two days after Tesla’s Chief demands to his working teams to return to the office or leave.

The shares of the car making company dropped by 3% in the markets on Friday in the US, and by 3.5 in Frankfurt, Germany stocks by 3.6.

Although the demands for electric vehicles are still strong around the world, Tesla still has issues with starting production in its Shanghai factory.

Carsten Brzeski, a Researcher at one of the leading Duch banks, told Business Standard: “Musk’s bad feeling is shared by many people.”

Brzeski added: “But we are not talking about a global recession. We expect a cooling of the global economy towards the end of the year. The U.S. will cool off, while China and Europe are not going to rebound.”

In late April, the famous car company Tesla Inc lost $126 in value as investors are concerned over the company’s founder and Chief Executive Elon Musk’s intention of selling shares to fund the Twitter takeover.

Tesla is not part of Musk’s Twitter deal, however, the shares of the company have dropped by 12.2%, $21 billion drop in the value of Tesla.