Home Economy Elon Musk’s fortune decreased by $13 billion in one day

Elon Musk’s fortune decreased by $13 billion in one day

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Elon Musk’s fortune decreased by $13 billion in one day

The billionaire recently had a tumultuous 24 hours Elon Musk, whose fortune has decreased by 13 billion dollars in a matter of hours. Investor disappointment with Tesla’s Q1 results, as well as its experimental rocket SpaceX – a company founded by Elon Musk – which exploded 4 minutes after launch, causing heavy losses.

The electric vehicle company’s net profit fell 24% year-over-year.

In particular, the shares of the manufacturer of electric vehicles Tesla fell 9.8% to $162.99 last Thursday after the announcement of first-quarter financial results. The company’s revenue rose to $23.33 billion, surpassing Refinitiv’s estimate of $23.21 billion. However, its net income fell to $2.51 billion, down 24% from a year earlier. Of course, despite the recent drop, the company’s shares are up 33% year-to-date, according to Business Insider. In addition, despite the fact that his huge fortune has decreased by $13 billion, Musk is still the second richest person in the world with a fortune close to $164 billion. First on the list is French tycoon Bernard Arnault, whose fortune has increased this year. up to 211 billion dollars.

The blow, of course, for Elon Musk was the unsuccessful launch of an experimental Starship rocket from SpaceX 4 minutes after launch, which formed a fireball over the Gulf of Mexico. Although the launch was unsuccessful, SpaceX founder and chairman Elon Musk congratulated his company’s teams after the first launch of Starship and promised another test “in a few months.” “Congratulations to the SpaceX team on this amazing first test flight,” he tweeted. “We learned a lot about the upcoming test run (which will take place) in a few months.” The plan called for the separation of the first part of the rocket from the spacecraft a few minutes after launch, but this did not happen. The rocket began to fall rapidly and exploded four minutes after launch, falling into the bay. After separation, the spacecraft was to continue east and attempt to circumnavigate the world before crashing into the Pacific Ocean near Hawaii. Meanwhile, on Twitter, as Musk promised a few weeks ago, many users lost their blue account verification because they chose not to pay $8 a month to keep the blue badge. However, attention was drawn to the fact that some well-known users of the platform kept the blue confirmation badge without paying for the subscription service. Writer Stephen King, actor William Shatner and basketball star LeBron James reportedly kept the blue badge despite not following Twitter Blue. Twitter owner Elon Musk confirmed the news, admitting that he paid for some of the accounts himself.

Author: newsroom

Source: Kathimerini

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