Elon Musk's fortune drops by $20 billion amidst Tesla stock plunge

Elon Musk's wealth dropped by $20.3 billion following Tesla's announced potential price cuts, the seventh-largest ever dip in the Bloomberg Billionaires Index.

The gap between Musk's fortune and Bernard Arnault's narrowed, but Musk still leads by $33 billion. Musk and Arnault are competing for world's richest person.

Other US tech billionaires including Jeff Bezos, Larry Ellison, Steve Ballmer, Mark Zuckerberg, Larry Page and Sergey Brin collectively lost $20.8 billion as Nasdaq 100 fell 2.3%.

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