Elon Musk’s Net Worth Plummets By About $12.6 Billion Following Tumultuous Few Days For Twitter, Tesla, And SpaceX
According to Bloomberg’s Billionaire Index, the net worth of Twitter, Tesla, and SpaceX CEO Elon Musk plummeted by a whopping $12.6 billion. The dip comes after a chaotic day (Thursday 4th April 2023) for three of Musk’s biggest companies. That is Tesla, Twitter, and SpaceX.
After Thursday’s events, Bloomberg reports that Elon Musk’s net worth now stands at $164 billion. He still maintains his second-place position in the list of wealthiest people in the world.
He lost the pole position late last year to Bernard Arnault, the chair and CEO of luxury goods giant LVMH Moet Hennessy Louis Vuitton. Bernard’s current net worth is $211 billion.
The nearly $13 billion plunge in Musk’s wealth is the sharpest single-day drop from him this year according to Bloomberg.
A Summary Of Thursdays Events
On Thursday morning, Tesla published rather disappointing first-quarter results. The electric-car company reported a nearly 20% decline in its margins. The company also made a pledge to continue cutting automobile sticker prices which led to a 9.7% stock drop as investors exited. This saw a $58 billion decline in Tesla’s market cap!
On another front, SpaceX was having a very eventful day as well that ended rather explosively. On the same day, 4/20 as Musk often refers to it, SpaceX was launching its Starship spacecraft in a test flight.
Four minutes into the test flight, the spacecraft experienced a “rapid unscheduled disassembly.” That means it burst into flames mid-flight. While the flight did achieve something by providing data to be used in future tests, there is no denying that the explosion was a rather expensive catastrophe.
Meanwhile, at Twitter, a controversy was brewing on 4/20 too. Elon Musk decided to come good on his promise to remove legacy blue check marks from the platform. This is in a bid to get people to pay for his Twitter Blue feature.
This development has been met with criticism as many celebrities and public features announce they won’t be paying for the feature. Advertisers and media organizations are keeping a close eye on the situation because of concern that the removal of historically verified checkmarks may result in an increase in disinformation.
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