Tesla stock surged over 700% in 2020, causing billions in additional compensation for Musk under the terms of his stock-based compensation plan. For most of the pandemic, as well as in the years leading up to it, tech stocks outperformed the rest of the economy, and now it seems the stock market bubble has begun to deflate.

Eccentric entrepreneur and SpaceX CEO Elon Musk’s fortune has plummeted by $27 billion in a week, as Tesla’s stock price has fallen significantly, eroding the billionaire’s net worth, Bloomberg Billionaires Index showed on Sunday.

It comes after a sharp drop in the tech sector, with Tesla shares taking the brunt of the downturn, falling by nearly a third from their all-time high in January.

Analysts have long predicted a tech bubble, fuelled in part by a flood of cash from small investors, with Tesla shares being highlighted as potentially overvalued.

The electric carmaker’s Model 3 line in Fremont, California, was reportedly forced to shut down for two weeks due to a shortage of critical computer chips.

Meanwhile, Musk said on Saturday that Tesla will most likely confirm a second-quarter delivery date for its much-anticipated Cybertruck.

​According to the company’s production statistics and sales data, Tesla was a little short of the mark of half a million cars delivered in 2020, although the carmaker delivered a total of 180,870 vehicles in Q4, which is a quarterly record.

Sourse: sputniknews.com

Elon Musk Loses $27 Bln Over Week Amid Huge Tech Sector Shares Selloff, Index Shows

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