Elon Musk’s wealth shrank by $16 billion due to one reason
Published on Oct 20, 2023 at 3:45 PM (UTC+4)
by Andie Reeves
Last updated on Oct 20, 2023 at 7:31 PM (UTC+4)
Edited by
Kate Bain
Elon Musk’s position as the richest man in the world might be in jeopardy.
Most of Musk’s wealth comes from his company Tesla, which he owns 13% of.
But for the first time in the company’s history, it hasn’t met its targets.
And Musk’s personal fortune has taken a hit.
READ MORE: Elon Musk makes bold prediction about the Cybertruck after delivery date announced
On Thursday, Tesla revealed its sales report for the third quarter.
Musk has recently employed a new strategy which has not resulted in the increase in sales that he hoped for.
He’s been drastically reducing the prices of Tesla vehicles in a bid to boost sales.
But this move hasn’t been enough and Tesla’s stock price has dipped by 9.3%.
As a result, so has Musk’s bank balance.
The company delivered 435,059 vehicles this quarter.
And because of the price cuts, its profit margins hit a record low.
But with just a few months left of 2023, Musk reckons he has a secret weapon that will turn his year around: the Cybertruck.
He has declared that Tesla will put 1.8 million customers into new vehicles by the end of the year, a significant proportion of whom will be Cybertruck drivers.
Tesla will be making the first truck deliveries at the end of November.
And with nearly 2 million pre-orders placed and a huge amount of hype generated, it’s totally possible that the Cybertruck will get Tesla’s earnings back on track.
Musk is the richest person in the world, with a net worth of $231 billion dollars according to Forbes.
After Tesla’s dip in the stock market, he is $16 billion poorer.
That’s nearly 7% of his wealth.
X users were less than sympathetic when hearing the news.
“In identical news, I just dropped a penny and it rolled into the gutter,” one commenter said.
“So no vacation on Mars this weekend?” another said.
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Andie is a content writer from South Africa with a background in broadcasting and journalism. Starting her career in the glossy pages of Cosmopolitan and Marie Claire, Andie has a broad portfolio, covering everything from sustainability solutions to celebrity car collections. When not at her laptop Andie can be found sewing, recording her podcast, taking board games too seriously or road-tripping in her bright green Kia.
