This happened as a result of falling Tesla shares
Elon Musk’s fortune decreased by $16.1 billion after the publication of Tesla’s financial report for the third quarter, which did not inspire investors.
Musk, the richest person on the planet with a current net worth of $210 billion, owns a 13 percent stake in Tesla. Despite the sharp drop, his net worth is still higher (by $55 billion) than Bernard Arnault, who ranks second in the ranking of the richest people.
Elon Musk lost more than $16 billion in a day
Tesla shares fell 9.3% in response to dismal third-quarter fiscal 2024 results. The drop came as Tesla missed profit and sales forecasts.
Despite these problems, Musk’s wealth grew by more than $71 billion in 2023 at the same time as Tesla’s stock price rose.
Tesla still holds its position as the world’s most valuable automaker and is preparing to begin deliveries of the Cybertruck in November, two years later.
Tesla CEO and owner of social network X, formerly known as Twitter, has offered a billion dollars to rename Wikipedia.
