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- Bloomberg Billionaires Index shows that Musk's net wealth fell $12.6 billion Friday to $164 billion.
- Tesla shares have fallen 24% in the past year due to a decline in profits.
- SpaceX, Tesla and Twitter, his three major companies, have all had a turbulent week.
Bloomberg's Billionaires Index says that after a turbulent week for SpaceX, Tesla and Twitter, Elon Musk lost $12.6 billion on Friday. This is the largest decline in his net worth this year.
Musk is the second richest man in the world after LVMH Moet-Hennessy Louis Vuitton Chairman and CEO Bernard Arnault, who has accumulated a fortune of $211 billion. Both billionaires are vying for the top spot ever since Arnault surpassed Musk in December.
Musk's declining net worth is the climax of a chaotic and confusing week. The slide in Musk's net worth capped a chaotic week.
Musk's wealth was directly affected by the development at Tesla. Tesla's shares fell sharply Thursday, after the electric car maker reported a 24% drop in profits on a year-over-year basis, to $2.5 billion. This was due in part to recent aggressive price reductions. Tesla's stock price closed at $162.99, 9.8% below its Thursday closing price.
Bloomberg calculates Musk's networth from his 13% stake in Tesla, 42% in SpaceX and 79% in Twitter. He bought the company for $44 billion back in 2022. He is CEO of each company.
Tesla's shares rose 0.1% after-hours. The stock has risen 33% this year.
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By: htan@insider.com (Huileng Tan)
Title: Elon Musk’s wealth drops by nearly $13 billion — the biggest slide this year — after Tesla’s share prices slumped and SpaceX’s Starship rocket exploded
Sourced From: www.businessinsider.com/elon-musk-spacex-tesla-wealth-slump-share-price-2023-4
Published Date: Fri, 21 Apr 2023 03:34:42 +0000
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