Musk’s SpaceX and Tesla take a major tumble

Tesla Q1 results disappoint, SpaceX Starship explodes
Elon Musk
Musk's net worth drops

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.

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