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Tuesday, June 6, 2023

Elon Musk’s Wealth Plunges $13 Billion as Uncertainty Hits Tesla, SpaceX, Twitter

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In the span of 24 hours, Tesla’s earnings disappointed, a SpaceX rocket exploded and Twitter purged legacy blue checkmarks, sending Elon Musk’s wealth plunging $13 billion.

Tesla Inc. disappointed investors with its first-quarter results, sending the electric-car maker’s shares down 9.75% on 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 Musk’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 chief executive officer 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 per cent 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.

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