Musk Loses $4.9 Billion in Tesla’s Worst-Ever Start to a Year

Home Investment Musk Loses $4.9 Billion in Tesla’s Worst-Ever Start to a Year
Musk Loses $4.9 Billion in Tesla’s Worst-Ever Start to a Year

© Bloomberg. Elon Musk, co-founder and chief executive officer of Tesla Inc., speaks during an unveiling event for the Tesla Model Y crossover electric vehicle in Hawthorne, California, U.S., on Friday, March 15, 2019. Musk said the cheaper electric crossover sports utility vehicle (SUV) will be available from the spring of 2021. The vehicle's price will start at $39,000, a longer-range version will cost $47,000. Photographer: Bloomberg/Bloomberg

(Bloomberg) — Tesla (NASDAQ:) Inc. shares have never had a worse start to a year than in 2019, and Elon Musk is paying the biggest price.

The stock has tumbled 43% this year through Thursday, lopping $4.9 billion from the value of Musks stake, as Wall Street has grown increasingly skeptical about consumer demand for the companys electric vehicles. Musk, 47, is now ranked No. 46 on the Bloomberg Billionaires Index with a net worth of $19.7 billion, down from 29th at the start of the year.

The rout has erased a total of $7.8 billion from the stakes of Teslas four biggest individual shareholders — Musk, Tencent Holdings Ltd., Saudi Arabias Public Investment Fund and Larry Ellison — including $2.7 billion in May alone. Tesla, Tencent and PIF didnt respond to requests for comment. Ellison declined to comment.

Ellison, the Oracle Corp (NYSE:). co-founder who has been a vocal defender of Musk, bought 3 million shares last year and joined Teslas board in December.

JPMorgan Chase & Co (NYSE:). also may be exposed. Saudi Arabias Public Investment Fund owns about 5% of Tesla but hedged most of its holding in January through an arrangement with the bank, according to the Financial Times. Teslas share price has tumbled 46% since the Jan. 17 transaction, meaning the value of PIFs holding has shrunk by more than $1.3 billion in that span. Jessica Francisco, a spokeswoman for New York-based JPMorgan, declined to comment.

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