Elon Musk loses $18 billion in a single day after Tesla reports its earnings

Elon Musk, the world's richest individual, has lost a staggering $18 billion in a single after Tesla released its 4th quarter earnings report.

Published
Updated
1 minute & 13 seconds read time

Tesla stock slid 13.2% on Thursday after the company released its 4th quarter earnings report, which revealed the company missed several of its internal estimates.

Elon Musk loses $18 billion in a single day after Tesla reports its earnings 654

The massive loss in Musk's total value can be attributed to Tesla's stock price sliding to 180.38 on Thursday, and according to Forbes, the Tesla CEO lost $17 billion more than any other billionaire. For those that don't know, Musk owns 21% of Tesla, so when Tesla's stock price dips, so does Musk's total net worth, which is estimated to be around $203.6 billion - $20 billion more than LVMH's Bernard Arnault. Notably, Musk's net worth was a staggering $320 billion in November 2021, which made him the first person ever to obtain such a fortune.

Tesla's quarterly financial report revealed the company missed some targets, including total revenue. Tesla reported top-line revenue of $25.17 billion against the expected $25.87 billion. Furthermore, Tesla's revenue increased by 3% compared to a year ago, with the company also telling shareholders it expects its "vehicle volume growth rate may be notably lower than the growth rate achieved in 2023 as our teams work on the launch of the next-generation vehicle at Gigafactory Texas."

In 2024, Tesla's stock price fell 26%.

"We are focused on bringing the next-generation platform to market as quickly as we can, with the plan to start production at Gigafactory Texas," the company said. "This platform will revolutionize how vehicles are manufactured."

"We're very far along on our next-gen low-cost vehicle. We're really excited about this. This is a revolutionary manufacturing system, far more advanced than any other in the world," Musk said on the earnings call

Buy at Amazon

PlayStation Store Gift Card [Digital Code]

TodayYesterday7 days ago30 days ago
$25.00$25.00$25.00
Buy at Newegg
$25.00$25.00-
* Prices last scanned on 2/29/2024 at 3:02 am CST - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.
NEWS SOURCE:forbes.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

Newsletter Subscription

Related Tags