Tesla Inc chief executive Elon Musk’s net worth plunged US$16.3 billion on Tuesday, the largest single-day wipeout in the history of the Bloomberg Billionaires Index, as the Tesla rout continued.
The electric car maker fell 21 percent in New York City trading — the most ever — on news of a partnership between competitors Nikola Corp and General Motors Co, worsening a sell-off that began last week after it was snubbed for inclusion in the S&P 500 Index.
UP AND DOWN
Photo: EPA-EFE
The world’s wealthiest people have seen wild swings in their net worths lately as retail traders accelerate buying and selling in stocks.
Amazon.com Inc chief executive Jeff Bezos lost US$7.9 billion on Tuesday, while Nongfu Spring Co (農夫山泉) founder Zhong Shanshan (鍾睒睒) added more than US$30 billion to his fortune — pushing it to US$50.9 billion and making him the third-richest person in China — after shares of the bottled-water company jumped 54 percent in its Hong Kong debut.
After opening lower, the stock was up 0.3 percent at the close of trading yesterday.
Musk’s loss and Zhong’s gain are the largest moves in the history of the Bloomberg index, excluding net worth revisions for divorce, redistribution and inheritances.
COULD BE WORSE
Musk’s drop would have been even larger if he had not collected his third tranche of options on Tuesday — now worth US$2.2 billion — tied to his moonshot compensation package.
Musk, who is now worth US $82.3 billion, fell behind luxury titan Bernard Arnault for fifth on the list of the world’s richest people.
The Tesla chief executive briefly joined the rarefied centibillionaire club last month, thanks to his audacious pay package and a nearly 500 percent rally in Tesla shares from January to the end of last month.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that
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