Elon Musk’s fortune shrank by $779 million in one day

Two factors were the cause, according to the Bloomberg Billionaires Index:

• Drops in Tesla and SolarCity’s stock prices; and
• Wednesday’s regulatory filing showing Musk has put up an additional $489 million of his Tesla and SolarCity stock as collateral to secure personal borrowings. The pledged shares are stripped out of his total net worth calculation because they’re not immediately available to him. The borrowing is for personal liquidity; he doesn’t even accept the $37,584 minimum-wage salary Tesla is required to pay him.

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