It has been revealed that the world’s richest man, Elon Musk lost a staggering $10 billion in a single day after being accused of sexual misconduct.

This emerged on Friday, May 20 after Tesla’s stock plunged, according to Bloomberg.

Musk is the founder of Tesla.

The company’s stock price fell after a report that SpaceX settled a sexual misconduct claim against him.

A market analyst said Tesla’s backers feared “key-man risk” and “perception is reality for [Wall] Street.”

Musk was worth about $212 billion on Thursday, according to the Bloomberg Billionaires Index. After news of the allegations broke on Thursday night, his wealth fell to around $201 billion, the index showed.

According to a report by Insider, SpaceX, the aerospace firm founded by Musk, paid a flight attendant $250,000 to settle a sexual misconduct claim against Musk in 2018. Musk categorically denied the claim, saying it came out due to his ongoing purchase of Twitter.

Musk owns around 47% of SpaceX. Last week, the company was estimated to have reached a $125 billion valuation. But it’s a privately-held company, and as such, its valuation doesn’t change much from day to day.