Elon Musk’s Net Worth drops Below $200 Billion Again Following Weak Tesla Earnings

Elon Musk’s net worth suffered a substantial decline this week, plummeting to $193 billion, marking its first dip below the $200 billion threshold since early June, according to Bloomberg’s Billionaire Index.

Elon Musk's Net Worth
@gobankingrates

Elon Musk’s Net Worth declined

Tesla’s stock price recently saw a significant dip, with a nearly 10% decrease, resulting in a monthly loss of approximately 21% in the company’s overall value. This drop in value had a considerable impact on Elon Musk’s wealth, causing his net worth to shrink by an estimated $41 billion.

This significant decline in his net worth can be linked to his substantial ownership stake in Tesla, which stands at approximately 13% of the company’s total shares. This decline in Elon Musk’s wealth closely followed Tesla’s disappointing third-quarter financial results and a particularly challenging earnings call that took place on October 18.

Despite recent setbacks, Elon Musk still holds the title of the world’s wealthiest individual as per bloomberg , surpassing Bernard Arnault, the CEO of luxury retail giant LVMH Moët Hennessy Louis Vuitton, whose net worth stands at $156 billion. Musk’s net worth has experienced fluctuations, initially reaching $200 billion in 2021 and peaking at $340 billion in November of the same year, largely attributed to Tesla’s stock performance.

As of October 31, Musk’s net worth is estimated at $193 billion. However, in Forbes, it is shown at $213.8 billion, which remains higher than Arnault’s net worth.

Arnault has seen his wealth affected by LVMH’s stock price facing pressure due to reduced consumer spending on luxury goods, resulting in a 6% drop this month and a 1.3% decline for the year.

These fluctuations in their fortunes are closely tied to the performance of the companies they are associated with, including Tesla, SpaceX, and the Boring Company,

Do you like this piece? There’s even more to read :

Bitcoin Has Surpassed $34,500, Prompting The Question: Can It Sustain This Level ?

Bitcoin's price surpassed
@bitcoin.news

Beyond Meat Sales Fell 30 Percent Over Ingredient Worries

Beyond Meat Sales Fall 30% Over Ingredient Worries
IMg : unknown