Elon Musk’s fortunes took a huge hit on Thursday, July 20, after electric car maker Tesla’s share price suffered its biggest drop in three months.
net worth ofWhich color musk From $256.8 billion to $238.4 billion Thursday according to estimates from Forbes. These staggering losses come after Tesla stock decreased by about 10%as investors reacted cautiously to the automaker’s quarterly results, which were released after the market closed on Wednesday.
Elon Musk now has a short lead ($3 billion) over Bernard Arnault, CEO of LVMH and the second richest person in the world. So the Tesla CEO could once again lose his crown to the French luxury tycoon, who was the richest person in the world for six months, from the beginning of December 2022 to June 2023.
About 60% of Elon Musk’s net worth comes from his 13% stake in Tesla, a third of his stake in space and communications giant SpaceX and less than 10% of his stake in Twitter.
During Wednesday’s conference call with Tesla investors, Elon Musk compared the massive swings in Tesla stock to a measure of Warren Buffett As far back as 2015, the famous investor said owning shares in a public company could make it look like a “drunk psychopath” was dictating the value of those shares. Elon Musk said, “Imagine you live in your house, and a depressed maniac comes in and stands outside your house and yells real estate prices, and those prices are different every day.” But the house remained the same.
The two largest daily losses for Tesla stock in the past six months occurred in the first trading sessions after Tesla’s earnings reports for 2023 alone were released (July 20 and April 20).
Translated article from the American magazine Forbes – Author: Derek Saul
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