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By Tom Metcalf/Bloomberg
April 4, 2019
US-AUTO-TESLA-MODEL Y
Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y
FREDERIC J. BROWN—AFP/Getty Images

Elon Musk saw $1.1 billion wiped from his net worth in the first two minutes of New York trading as Tesla Inc. shares sank as much as 11 percent.

The fall cut his net worth to $22.3 billion on the Bloomberg Billionaires Index as of 9:32 a.m. The electric-car maker had reported a record decline in deliveries during the first quarter, down to 63,000 vehicles in the three months that ended in March, from 90,966 in the fourth quarter.

About $10 billion of Musk’s fortune is derived from Tesla with approximately $13 billion coming from his stake in closely held rocket business Space Exploration Technologies Corp., according to calculations by the ranking.

This post originally appeared on Bloomberg.