Elon Musk's Net Worth Drops $18 Billion As Tesla Stock Slides
Shares of Tesla dropped 13% and Elon Musk's net worth declined by over $18 billion after the company reported missed estimates in its fourth-quarter earnings.
Tesla Stock Sinks 13% and Musk Loses $18.8 Billion
On Thursday, Tesla's stock sank 13.2% to $180.38, resulting in Elon Musk losing $18.8 billion from his net worth. This decline came after the company's fourth-quarter earning report was released, which showed that it missed several estimates. The report revealed that Tesla's revenue for the quarter was $25.17 billion, lower than the estimated $25.87 billion.
The sharp decline in Tesla's stock value had a significant impact on Musk's net worth, making it drop by over $18 billion. However, despite this loss, Musk remains the richest person in the world with an estimated net worth of $203.6 billion. He owns about 21% of Tesla, which contributes to his substantial wealth.
Other Electric Car Stocks Also Suffered Declines
It wasn't just Tesla that experienced a drop in stock value. Rivian and Lucid, two American electric car manufacturers, also saw a decrease in their stock prices. Rivian's stock dropped 1% and Lucid's stock declined by 6% on Thursday.
The overall decline in electric car stocks reflects the impact of Tesla's underwhelming fourth-quarter earnings report on the industry. Investors may have become more cautious about electric car companies following this news, leading to a broader dip in stock prices.
Elon Musk's Previous Wealth and Future Prospects
Elon Musk's net worth has fluctuated significantly over time. In November 2021, he reached a peak fortune of $320 billion, making him the first person in history to achieve such a net worth. However, since then, his net worth has experienced ups and downs.
Despite the recent decline, Musk still holds the title of the world's wealthiest person, with a sizable lead over other billionaires. His net worth of $203.6 billion is approximately $20 billion higher than Bernard Arnault, the CEO of LVMH.
It remains to be seen how Tesla's stock will perform in the future and how it will impact Musk's net worth. Investors and analysts will closely monitor the company's financial performance and any potential developments in the electric car industry.
