Tesla tumbles takes nearly $200 billion in value with it after Musk's Twitter poll

Tesla stock crashed 12% on Tuesday wiping out nearly $200 billion in market value for shareholders over 2 days. Shareholders extended losses for a second day after CEO Elon Musk over the weekend proposed selling 10% of his shares in the EV maker. In fact the drop in the stock has made Elon Musk 'poorer' by $50 billion in his net worth as per Bloomberg's Billionaire Index.

This as per Bloomberg is the the biggest one-day fall after Jeff Bezos’s $36 billion plunge following his divorce from MacKenzie Scott in 2019.

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But Musk has little complain as he is still perched at the top of the Billionaire list with nearly a $60 billion gap to rival Bezos as despite the latest drop, Tesla is still up 45% this year.

The world's richest man by a large margin has pledged at least 92 million of his Tesla shares to lenders for cash borrowing as per reports. Analysts say Musk may want to sell some shares to pay down his debt, and he faces a potentially massive tax bill on his windfall as he exercises his options and sells shares.