Friday September 02, 2016

Elon Musk and the Terrible, Horrible, No Good $779M Day

$779 is a lot of money to lose in a day but, the bright side is that Elon Musk is rich enough to lose the best part of a billion dollars in a day and not go bankrupt. There's not many people on the planet that you can say that about. Still has to suck though. frown

He suffered one Thursday, when his fortune, on paper, shrank by $779 million, according to the Bloomberg Billionaires Index. That was due to two factors: drops in the companies’ stock prices; and Wednesday’s regulatory filing showing he has put up an additional $489 million of his Tesla and SolarCity stock as collateral to secure personal borrowings. The pledged shares are stripped out of his total net worth calculation because they’re not immediately available to him. The borrowing is for personal liquidity; he doesn’t even accept the $37,584 minimum-wage salary Tesla is required to pay him.