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

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,

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