Elon Musk-Led Tesla's Shares Shudder, Fall By 15% In A Day Amid X Outage & Wall Street Sell-Off

Elon Musk, the richest man on earth, had one of the worst days on Monday, March 10, in what has otherwise been a fairy tale for the South African-born over the past few months.

The X Outage

This came to pass, after his social media website, X, formerly Twitter, faced three massive global outages in the span of just about a day.

These three outages and the subsequent slowdown in the platform's functioning led to Elon Musk attributing the failure to an alleged cyberattack.

This fault or glitch in the platform could not have come at a worse time for the company and Elon Musk himself. Although X is no longer a listed company at the stock market, Musk's biggest source of wealth, Tesla, is.

Tesla Shares in Peril

The result of this volatility, supplemented by the chaos induced by the US president at the global trade front, took the company shares to the abyss.

By the end of the trading day on Monday, as the Wall Street came down in a colossal crash, the company shares also dropped significantly. By the end of the day, Tesla dropped to USD 222.15 per piece.

This came to pass after a grueling day at the bourse, as the carmaker's stock tumbled by an overall 15.43 per cent or USD 40.52 per share.

The Market Fall

This apart from lack of trust of investors in Tesla, is also attributable to the overall decline in the market, fueled by fears of a recession. The American markets closed with giant losses on Monday, with the tech-heavy Nasdaq closing with losses of 4 per cent.

When we look at Tesla boss, Elon Musk's own fortunes, richest man in the world saw his net worth fall by a monumental USD 22 billion. This took his total wealth to USD 319.6 billion, which is still a staggering number.

This debacle also brought the value of the company in terms of market capitalisation, as it slumped to USD 885.08 billion.