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Elon Musk loses $1 Billion in two minutes as 11% fall in Tesla share price
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Elon Musk loses $1 Billion in two minutes as 11% fall in Tesla share price

Agency News

Elon Musk saw $1.1 billion wiped from his net worth in the first two minutes of New York trading as the share value of Tesla Inc sank as much as 11 percent.

By the end of March 2019, Tesla produced only 63,000 vehicles as against 90,966 vehicles It had delivered in the last quarter of 2018.Only 12,100 units of luxury Model S and Model X were delivered in the first quarter of 2019, as opposed to the production of 27,550 units last time.

The poor deliveries had a direct impact on Tesla's shares and on Musk's net worth.The fall cut his net worth to $22.3 billion on the Bloomberg Billionaires Index as of 9:32 am. The electric-car maker had reported About $10 billion of Musk's fortune is derived from Tesla with approximately $13 billion coming from his stake in closely held rocket business Space Exploration Technologies Corp., according to calculations by the ranking.