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Musk’s wealth shrinks by $16 billion after Tesla earnings miss

Elon Musk, CEO and co-founder of SpaceX, Tesla, Neuralink and The Boring Company

© APA | Elon Musk, CEO and co-founder of SpaceX, Tesla, Neuralink and The Boring Company

# 20 October 2023 13:28 (UTC +04:00)

Elon Musk’s fortune slumped by $16.1 billion Thursday after Tesla Inc.’s weak third-quarter earnings weighed on shares, APA-Economics reports citing Bloomberg.

Musk, who is the richest person on the planet with a fortune of $209.6 billion, owns 13% of Tesla and derives the majority of his wealth from the auto company. Tesla’s shares fell by 9.3% after it missed both earnings and sales expectations for the quarter.

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