In a single day, Elon Musk’s net worth declined by over $12B due to disorder and unsatisfactory updates from his various businesses, including SpaceX, Twitter, and Tesla. As per Bloomberg’s Billionaires Index, this is the largest decrease in Musk’s wealth this year. The share value of Tesla dropped by 9.8% following underwhelming financial results for the first quarter, according to reports.
Tesla’s Q1 2023 operating income dropped by 24%, standing at $2.7B , as the company run by Elon Musk continued to decrease prices of its vehicles.
On the same day, SpaceX’s Starship spacecraft experienced an unexpected malfunction and exploded four minutes into its debut test flight. The rocket was launched from SpaceX’s Starbase in South Texas but was unsuccessful in reaching orbit. In addition to this, Twitter witnessed turmoil as Musk removed the Blue check marks from legacy accounts, causing distress to hundreds of celebrities.
Despite this recent setback in net worth, Musk still holds the position of the world’s second-richest individual, trailing behind French businessman Bernard Arnault, according to The Verge. In late 2021, Elon Musk’s net worth had climbed as high as $320B, but he later became the first person in history to lose over $200B.
