ELON MUSK’S FORTUNE DOWN $20 BILLION AS TESLA SHARES TUMBLE

Fri 21 July 2023:

Elon Musk’s net worth decreased by $20.3 billion on Thursday as a result of Tesla’s shares seeing their greatest drop due to concerns over a decline in the company’s profitability, Bloomberg reported.

The largest drop in Tesla share price since April 20 occurred on Thursday during trading hours in New York, when it fell 9.7% to $262.90. It follows Musk’s announcement on Wednesday that Tesla would have to keep reducing prices if interest rates kept rising.

Musk’s net worth dropped to $234.4 billion, according to Bloomberg’s Billionaires Index, in the seventh-largest decline ever among the world’s richest people on the list, the outlet noted.

This has further narrowed the wealth gap between the world’s two richest people – Musk and Bernard Arnault, chairman of luxury goods maker LVMH.

Even after the slump, however, Musk’s fortune still exceeds that of Arnault by about $33 billion.

In June, Musk overtook Arnault and became the world’s richest person after shares in the Paris-listed LVMH fell 2.6%. Tesla’s CEO and the luxury goods tycoon have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index.

Musk owns about 13% of all Tesla stock, which ties his personal wealth directly to the value of the EV manufacturing firm. He also derives wealth from holdings in Space Exploration Technologies and Twitter.

Through Wednesday, his net worth had increased by more than $118 billion to more than $250 billion, as shares of Tesla have increased by 136% year-to-date.

Billionaire Arnault increased his net worth to $201.2 billion this year as shares in LVMH, the parent company of Louis Vuitton, Mot & Chandon, and Hennessy, as well as brands such as Givenchy, Christian Dior, Bulgari, and Sephora, increased by 26% in 2023.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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