Elon Musk’s entire fortune shrank by nearly $1 billion as he continues to inject money into beleaguered solar panel company SolarCity, Bloomberg reported Thursday.
Musk wealth tumbled by $779 million, according to the Bloomberg Billionaires Index, due in part to drops in Tesla Motors and SolarCity stock prices, and Wednesday’s filing showing he has ponied up $489 million of his Tesla and SolarCity fusion.
The drop in wealth represents a massive chunk of Musk’s $8.3 billion fortune. SolarCity represents about 4 percent of the tech-guru’s net worth — but Tesla is another matter. Musk is the chairman of both companies and owns about 20 percent in each. – READ MORE