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By Arun           July 21, 2023

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Elon Musk lost $20.3 billion in one day on Thursday, after Tesla's stock price crashed nearly 10%.

The decline was triggered by Tesla's warning that it may have to keep cutting the prices of its electric vehicles.

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Shares of Tesla closed at $262.90 on the NASDAQ yesterday, down 9.7% from the previous day's close.

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The sell-off wiped out more than $100 billion in Tesla's market capitalization

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And it was the biggest single-day loss for Musk's net worth since October 2021.

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The decline in Tesla's stock price comes as the broader tech sector is under pressure.

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The tech-heavy Nasdaq 100 index fell more than 2.2% on Thursday, and it is down more than 20% year-to-date.

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Musk's wealth is closely tied to the performance of Tesla's stock price.

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He owns about 13% of the company, and his net worth is estimated to be around $234 billion.

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The recent sell-off in Tesla's stock price has narrowed the gap between Musk and the world's second-richest person, Bernard Arnault.

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Arnault, the chairman and CEO of LVMH, is now worth an estimated $201 billion.