- Musk's net worth fell by $12.6 billion to $164 billion on Friday, per Bloomberg Billionaires Index.
- That's after Tesla share prices slumped on a 24% on-year decline in profit.
A turbulent week at SpaceX, Tesla, and Twitter saw about $12.6 billion being wiped off Elon Musk's net worth on Friday, the biggest decline so far this year, according to Bloomberg's Billionaires Index.
Musk, who is worth $163.9 billion now, is still the second richest person in the world, after LVMH Moët Hennessy Louis Vuitton chairman and CEO Bernard Arnault who has amassed a $211 billion fortune. The two billionaires have been jostling for the top spot since Arnault overtook Musk last December.
The slide in Musk's net worth tops a chaotic week. On Thursday, SpaceX's Starship rocket exploded minutes after liftoff in its test flight, Tesla's share price took a hit after the company's earnings release, and Twitter's legacy verified users started seeing their blue check marks disappear from their accounts.
Transform talent with learning that worksCapability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More The development at Tesla most directly impacted Musk's net worth. Tesla's share price fell sharply on Thursday after the electric vehicle maker posted a 24% on-year slump in profit to $2.5 billion, in part, due to aggressive price cuts recently. Tesla's share price closed 9.8% lower at $162.99 on Thursday.
Bloomberg derives Musk's net worth from a 13% stake in publicly-traded Tesla, a 42% stake in the closely held SpaceX, and a 79% share in Twitter, a company he bought for $44 billion in 2022. He is the CEO of all three companies.
Tesla's share price was up 0.1% in after-hours trade. The stock is up 33% so far this year.
Next Story
Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
Axis Bank posts net profit of ₹7,129 cr in March quarter
7 Best tourist places to visit in Rishikesh in 2024
From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
7 Things to do on your next trip to Rishikesh
