Elon Musk, the American entrepreneur and CEO of Tesla, faced a substantial loss of approximately $20.3 billion in a single day due to a decline in Tesla's stock prices on the American Stock Exchange.

The share prices of his electric car company dropped by 9.7 percent on Thursday, following Musk's suggestion of potential reductions in the prices of their electric cars.

As a result of this market downturn, Musk's total wealth decreased to $234.4 billion, marking the seventh-largest decline in his wealth, according to Bloomberg.

Despite this significant financial setback, it's important to note that Elon Musk still retains his title as the richest man in the world.