Elon Musk loses $11.9bn as Tesla’s stock drops by -5.2%

Ripples

The world’s richest man, Elon Musk, has lost -4.27 percent of his wealth after the Chief Executive Officer of Tesla denied a report that he planned to build a private airport in the United States.

A report emerged on Thursday that the billionaire planned to construct a private airport around Central Texas to service personnel and operations of his firms; Tesla, The Boring Company, and SpaceX.

However, Musk, who reportedly owns acres of land in Central Texas, took to Twitter on Friday to deny the report, saying it would be silly to build another private airport when there’s an international airport close to Tesla.

He said: “Not true. Tesla is 5 minutes from Austin International Airport. It would be silly to build another private airport. However, the existing commercial airport needs another runway, as Austin is growing fast!”

Ripples Nigeria gathered that following his comment, Tesla’s stock price fell by -5.82 percent during trading on the US stock exchange on Friday with the share value dropping by $53.86 to close at $872.04, down from $925.90 posted earlier.

The dip in Tesla’s share reduced Musk’s net worth, causing the billionaire to losing $11.9 billion from his total estimated wealth…

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