Musk loses US$16 bil overnight as Tesla shares tank 9 per cent after lacklustre Q3 results - BBI
Bernama
October 20, 2023 20:00 MYT
October 20, 2023 20:00 MYT
Elon Musk's net worth dwindled by 7 per cent to US$210 billion, which was still not enough to dislodge him from the top spot in the ranking of the world's richest people. - REUTERS/Filepic
MOSCOW: US billionaire entrepreneur Elon Musk has shed US$16 billion of his fortune overnight as Tesla shares sank over 9 per cent on the back of poor financial results in the third quarter of 2023, reported Sputnik quoting Bloomberg Billionaires Index (BBI).
The electric carmaker's shares fell 9.3 per cent to US$220 when the stock closed on Thursday after the quarterly report showed the company's net income dropping almost 1.8 times in the past quarter.
Musk's net worth dwindled by 7 per cent to US$210 billion, which was still not enough to dislodge him from the top spot in the ranking of the world's richest people.
French luxury goods tycoon Bernard Arnault, who heads mega-corporation Moet Hennessy Louis Vuitton (LVMH), is in second place with US$155 billion, narrowly followed by Amazon founder Jeff Bezos with US$144 billion.