It’s looking like another bad day for Elon Musk.
The Tesla Inc. CEO’s fortune dropped by $1.4 billion Friday in New York, the day after the Securities and Exchange Commission accused Musk in a lawsuit of misleading investors with his infamous tweet last month about taking the electric-car maker private. The SEC is also seeking to ban him from serving as a director or officer.
Shares of Tesla fell 12 percent to $269.17 at 10:48 a.m. in New York and have tumbled 29 percent since his Aug. 7 tweet saying he had financing arranged to take the company private at $420 a share.
Musk’s net worth has dropped more than $4 billion since last month, putting his fortune at about $21.7 billion, according to the Bloomberg Billionaires Index.
This article was provided by Bloomberg News.
