Tesla CEO Elon Musk saw billions shaved off his net worth Thursday, according to Bloomberg, as investors reacted to the company's latest quarterly results.
Elon Musk, the CEO of Tesla, saw billions shaved off his net worth Thursday, according to Bloomberg. The reported drop in the value of his personal fortune came as investors reacted to the financial results put out Wednesday evening by the electric vehicle and clean energy company for its third quarter. His net worth, however, remains the world’s highest by the outlet and Forbes’ respective measures. Bloomberg reported late Thursday morning that the drop in Musk’s net worth amounted to $15.
The stock price of Tesla has experienced a more than 9% decrease so far Thursday, the day after the company disclosed its third-quarter financials. Musk held about 715 million Tesla shares as of the end of March, according to the most recent proxy statement released by the company in April. That equated to roughly 20.6% of its common stock.
For the third quarter, Tesla generated total revenues of $23.35 billion, a 5% lift from the $18.69 billion it saw in the same three-month period last year. Its diluted earnings per share came in at $0.66, dropping 37% year over year. Those were both lower than analysts had forecast. The company released vehicle production and delivery figures earlier in the month, with the former coming in at nearly 430,500 and the latter at about 435,000.
Just below Musk in Bloomberg’s global ranking of billionaires, there was some shuffling this week between the second- and third-place holders. Amazon founder Jeff Bezos on Monday saw the value of his personal fortune surpass LVMH CEO Bernard Arnault’s, lifting him from No. 3 to No. 2, according to the outlet. But the luxury goods company leader, who is worth $154 billion, has since reportedly moved back into the spot directly behind Musk.
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