Elon Musk’s wealth plunges $13 billion as drama unfolds across empire
It has been a tumultuous 24 hours for Elon Musk.
Tesla Inc. disappointed investors with its first-quarter results, sending shares of the electric-car maker down 9.75% Thursday to $162.99. An experimental Starship rocket designed by SpaceX achieved liftoff in Boca Chica, Texas, only to explode about four minutes later in a fiery ball above the Gulf of Mexico. And on Twitter, as Musk promised weeks ago, many users lost their legacy blue checkmarks for choosing not to pay $8 per month for the privilege.
When it comes to the billionaire’s net worth, Tesla’s sinking share price had the most immediate consequences. His wealth dropped by $12.6 billion as a result, according to the Bloomberg Billionaires Index, his biggest decline this year. His stake in Tesla, including shares and options, makes up the biggest part of his $163.9 billion fortune, though SpaceX has become more important as its valuation soars.
Musk, 51, is CEO of both companies as well as Twitter, the social media site he acquired last year. He remains the world’s second-richest person behind French luxury tycoon Bernard Arnault and has seen his fortune rebound by $26.8 billion this year on the back of Tesla’s 32% gain.
At Tesla, Musk acknowledged, “it’s difficult to say what the margin will be,” when asked what level of profitability the company was comfortable with.
As for SpaceX, Musk congratulated employees and said he’s optimistic about the program’s progress, according to an internal email seen by Bloomberg.
And on Twitter, among other things, he replied to a tweet about April 20 — known as 420 Day and an unofficial pot holiday.
It’s “shaping up to be quite the day!” he tweeted.