Tesla founder and CEO Elon Musk’s personal wealth plunged by $16.3 billion in just over six hours of trading on Tuesday, September 8, according to rich lists maintained by Bloomberg and Forbes, as shares of his company saw the worst tumble.

The technocrat also skidded on the billionaires list. As per Bloomberg Billionaires Index, Musk was sixth richest person in the world and while on Forbes list, he was eighth. At the end of August, Musk had climbed to third position in these lists just after Jeff Bezos and Bill Gates, Economic Times says.

Tesla stock plunged 21 per cent in Tuesday’s session, logging its biggest daily percentage drop as the electric carmaker was excluded from a group of companies being added to the S&P 500.

Despite the steep fall, Musk has $82.2 billion worth of assets, according to Bloomberg. The founder of SpaceX and The Boring Company has made $54.7 billion this year, less than only Jeff Bezos’ $71.1 billion.