Elon Musk’s Net Worth Plummets $16 Billion In One Day

After the carmaker reported disappointing third-quarter earnings, Tesla stock dropped 9%. This share price decline brought Elon Musk’s net worth down by $16 billion – in one day.

On Wednesday, Tesla reported its third-quarter revenues of $23.35 billion. This fell short of the expected $24.06 billion forecast by Wall Street experts.

Similarly, the company’s adjusted earnings-per-share were $0.66, lower than the estimated $0.74. 

Musk hosted an earnings call that was considered a disaster by finance experts.

Musk’s 13% stake in Tesla accounts for the majority of his personal wealth. As a result, his fortune slumped by over $16 billion on Thursday. 

Musk is still the richest person in the world, with an estimated fortune of $210 billion.

According to Bloomberg’s Billionaire Index, he is still $55 billion ahead of Bernard Arnault, the head of LVMH, and owner of brands such as Tiffany & Co. and Christian Dior.

As of Thursday, Bloomberg’s Billionaire Index estimates Arnault’s net worth to be $155 billion.

Earlier this week, Arnault briefly lost his title as “second richest person” to Jeff Bezos, but he has inched back up to reclaim his spot. 

Bezos, founder of Amazon, has an estimated net worth of $152 billion.

Musk’s personal wealth has increased by roughly $70 billion this year, mostly thanks to an upswing in Tesla’s stock as investors continue to pile into Big Tech stocks.

In January 2023, Elon Musk set a Guinness World Record for the largest loss of personal fortune in history. Musk has lost between $182-200 billion of his net worth since November 2021, due to the poor performance of Tesla’s stock, which sank 65% in 2022. 

Arnault briefly became the richest person in the world, with an estimated net worth of $208 billion. However, Elon Musk reclaimed his title in June 2023.