Elon Musk loses $13 billion in 24 hours after SpaceX rocket explosion and disapp...
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Elon Musk loses $13 billion in 24 hours after SpaceX rocket explosion and disappointing Tesla earnings
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Elon Musk’s personal fortune took a hit of almost $13 billion on Thursday as the world watched a SpaceX rocket explode while Tesla delivered underwhelming earnings.
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According to Bloomberg’s Billionaires Index, which monitors the real-time wealth of the richest people on the planet, Musk’s net worth was depleted of $12.6 billion on Thursday.
Much of Musk’s wealth is derived from shares in Tesla, which tanked nearly 10% on Thursday on the back of a disappointing quarterly earnings report. The plummeting share price erased $58 billion from the company’s market cap.
On Thursday, the company reported net income of $2.51 billion for the first three months of 2023—a year-on-year decline of 24%.
Investors were also put on edge as Musk, Tesla’s CEO, suggested the company would carry on with its price cutting spree to boost demand for its vehicles—even in spite of the squeeze on margins.
On Friday, Tesla hiked U.S. prices following six price cuts so far this year.
Starship explosion
While Tesla’s earnings report spooked investors, Musk’s name also appeared in headlines around the world on Thursday when SpaceX’s mammoth Starship rocket exploded minutes into its maiden flight.
Musk said he had “learned a lot” from the launch and suggested the next test launch would go ahead within months.
Congrats @SpaceX team on an exciting test launch of Starship!
Learned a lot for next test launch in a few months. pic.twitter.com/gswdFut1dK
— Elon Musk (@elonmusk) April 20, 2023
Musk has seen his wealth propelled upward over the past 10 years with the meteoric rise in value of Tesla share prices, which gained more than 4,000% in the decade since their IPO. He also owns more than 40% of existing shares in SpaceX, according to CNBC, which was reportedly given a private valuation of $137 billion earlier this year.
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