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

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.

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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."

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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