Elon Musk, the world’s richest man and the founder of Tesla and SpaceX, lost more than $7 billion in market sell-offs in less than 24 hours, reducing his net worth to $198 billion.

Tesla shares, which are among the most valuable in the world, fell nearly 4% on Monday as the market reacted to Chinese economic fears.

If Evergrande, a Chinese property developer, defaults on its $300 billion in loans, the global economy could suffer. Several companies fell on Monday, including electric vehicle firms, which have done well in recent years.

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Because of Evergrande’s Chinese standing, the enormous default has sent shockwaves throughout the region. Tesla is a wonderful example of this. Since early 2020, Tesla has begun producing its Model 3 and Model Y in China at a plant named Giga Shanghai.

Tesla has been one of China’s leading electric-car manufacturers since its entry to the market, and a number of manufacturing facilities have been converted into a sort of export center. Tesla’s new facility in Berlin, Giga Berlin, has barely began construction while the business ships Model 3 and Model Y vehicles from China to Europe.

Furthermore, the NTSB stressed that Tesla should resolve safety issues before issuing substantial software improvements to Full Self-Driving and Autopilot.

Tesla, a maker of electric automobiles, is the largest employment in California’s automotive industry, selling sedans, sport utility vehicles, and trucks.

NASA tapped Musk to resupply the space station with SpaceX rockets.

At the time of writing, Musk’s net worth of $198 billion can buy 2.67 billion barrels of crude oil or 113 million troy ounces of gold.