In a slightly down week for markets overall, a couple of high-flying billionaires took big hits.
Elon Musk's net worth fell by $7.2 billion this week after Tesla's Chief Financial Officer ZacharyIt was a down week for the stock market, with the S&P 500 dropping by -0.83% and the Nasdaq falling by 2.5% over the week spanning the market close on Friday, August 4, to Friday, August 11. Others, however, fared much worse–including the world’s richest person, a recent high-flier and one mogul who dropped all the way off the billionaire ranks.
No one lost more than Elon Musk, whose fortune fell by an estimated $7.2 billion over the week. Of course, Musk—still clinging to the title of the world’s richest person, some $2.4 billion ahead of second place Bernard Arnault—had more to lose than anyone else. Shares of his electric carmaker Tesla fell by 3.5%, the latest in a weeks-long slump for the company’s stock. Musk owns about 23% of Tesla, between stock and stock options.
It was a rough stretch for Rick Cohen, as well. Shares of his warehouse robot company Symbotic are finally cooling off, after racing up more than 400% over the first seven months of 2023. Since the beginning of August, the stock has fallen more than 30%, including a 19% drop over the week through Friday. That helped lop $4 billion from Cohen’s fortune, which includes a 72% share of Symbotic plus a major stake in C&S Wholesale Grocers, America’s largest grocery wholesaler.
Philip Fayer may have had it the worst, though. Fayer, the Canadian-born CEO of payment processor Nuvei Corp., lost his title as a billionaire altogether. Nuvei stock tanked by 46% this week after the company missed predictions for second quarter earnings, dropping Fayer’s estimated net worth well below the ten-digit mark.
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