Elon Musk’s wealth has experienced a dramatic $50 billion drop in just two days, marking the largest two-day loss in the history of the Bloomberg Billionaires Index. This sharp decline is now the biggest one-day fall since Jeff Bezos saw a $36 billion plunge in 2019 following his divorce.

Tesla’s recent stock slide comes amid a series of events that have sent shockwaves through the automaker’s market position. The volatility began when Musk polled his Twitter followers about selling 10% of his Tesla stake, which was followed by news that his brother Kimbal had sold shares just before the survey. Adding fuel to the fire, an Insider report suggested that renowned investor Michael Burry, known for his role in The Big Short, speculated that Musk may be selling shares to cover personal debts.

This loss has narrowed Musk’s lead over Amazon founder Jeff Bezos to just $83 billion, down from a $143 billion gap in recent months. As of January, Musk became the world’s richest person for the first time, and despite this slump, his fortune remains up by 70% this year, fueled by Tesla’s strong earnings and high delivery numbers. Tesla’s market capitalization continues to hover above $1 trillion, buoyed by better-than-expected Q3 results and a landmark order of 100,000 Teslas from Hertz Global Holdings Inc.

While Musk’s fortune has taken a significant dip, the overall trajectory remains upward, with Tesla’s continued growth and SpaceX’s increasing valuation still underpinning his place at the top of the billionaire rankings.