According to Bloomberg’s Billionaires Index, Elon Musk’s net worth experienced a significant drop of $12.6 billion, which is the largest decrease in his wealth so far this year. This decline came after a tumultuous 24 hours for three of Musk’s largest businesses: SpaceX, Tesla, and Twitter.
Tesla reported disappointing Q1 results last Thursday, with a nearly 20% decline in the company’s gross margins. Tesla’s share price fell by 9.8% to $162.99 by the time the markets closed on Thursday. Musk’s 13% stake in Tesla makes up the largest share of his now $163.9 billion net worth.
On the same day, SpaceX‘s integrated Starship spacecraft exploded four minutes into its first test flight. Musk has a 42% stake in SpaceX and is planning to attempt another Starship test flight in a few months.
Read more: Price reductions lower Tesla’s anticipated profits
Despite the significant decrease in his net worth, Musk remains the world’s second-richest person, sitting behind French tycoon Bernard Arnault. This recent loss doesn’t even eclipse the $26.8 billion increase in his wealth this year off the back of Tesla’s earlier 33% share price rebound in January.
Elon Musk has set a Guinness World Record – for the largest loss of personal fortune in history. Guinness announced In January that Musk had lost about $182 billion of his net worth since November 2021, citing Forbes. Some estimate he lost up to $200 billion, Guinness says.
Misinformation concerns
On the other hand, Musk removed blue checkmarks from legacy accounts on Twitter, replacing the verification system with one that requires an $8 monthly subscription to Twitter Blue. Advertisers and media organizations are concerned that the removal of legacy verified checkmarks could increase misinformation.
To read more news about Elon Musk, please click here.
