He Musk be furious! Elon’s wealth nosedives by $13 BILLION in a day after SpaceX rocket blows up, Tesla earning’s plummet 20%, and disastrous Twitter blue check mark revamp
- Elon Musk’s wealth dramatically nosedived by $13 billion in just 24 hours
- The billionaire suffered several business setbacks, including poor Tesla returns
- His high-profile SpaceX rocket launch also ended in an embarrassing fireball
Elon Musk’s wealth dramatically nosedived by $13 billion in just 24 hours after the entrepreneur suffered a series of business blunders.
On the same day the SpaceX founder’s blockbuster rocket launch ended in a disastrous fireball, his electric car company, Tesla, reported disappointing first quarter results, with shares dropping by 9.75 percent and earnings plummeting by over 20 percent.
Musk’s failure to launch also extended to his recent acquisition of Twitter, as he sparked backlash after finally following through with his threat to remove ‘legacy’ verified blue ticks.
The billionaire’s plummeting net worth was hardest hit, however, by Tesla’s poor returns, and his $13 billion drop was his biggest loss of the year so far.
Elon Musk saw his fortune plummet by $13 billion after a series of business blunders
Despite his disastrous day, Musk still has a net worth totaling $164 billion, according to the Bloomberg Billionaire Index. His fortune ranks him second in the worldwide rich list, only behind French luxury brand mogul Bernard Arnault.
According to an internal email seen by the outlet, Musk told his Space X employees that he is optimistic about the venture, despite his high-profile rocket launch going up in flames.
The largest rocket to ever take off, the 395-foot behemoth was comprised of a Super Heavy booster and Starship.
But just four minutes after takeoff at 9:33 ET, the rocket dramatically exploded, abruptly ending its first orbital launch.
Space X has claimed that it purposefully activated the flight termination system to obliterate the rocket after the Super Heavy craft failed to separate, which began causing an uncontrollable death spin before it exploded.
Despite the unideal optics of exploding the rocket as thousands of people watched on from the ground in South Texas, NASA, Musk and SpaceX have hailed the launch as a success after achieving their main objective of sending the Starship off the launchpad.
Musk’s high-profile rocket launch was watched by thousands of people as they witnessed the 395-foot behemoth manage to get off the launchpad
The SpaceX launch ended in disaster when the Starship spacecraft exploded into a fireball after just four minutes
But Musk will have a harder time claiming success with his recent Tesla quarterly report, after the electric car giant’s shares fell nearly 10 percent Thursday.
The decline came just a day after the company also reported a more than 20 percent dip in net income, compared with the same quarter a year ago.
Musk also sparked concern among analysts when discussing the poor filings, which saw the company earn a net income of $2.51 billion for the first quarter of 2023, a 24 percent decline from the previous year.
‘We’ve taken a view that pushing for higher volumes and a larger fleet is the right choice here, versus a lower volume and higher margin,’ the billionaire said on an earnings call after the report.
Musk also admitted that it was ‘difficult to say what the margin will be’ before its declining bottom line becomes ominous.
Musk’s net worth took a huge dive after Tesla reported poor first quarter returns Thursday
While most of his net worth decline is reportedly tied up in his giant stake in Tesla, Musk experienced further setbacks in his latest unpopular decision with Twitter.
Ever since acquiring the company a year ago, the billionaire has threatened to remove blue tick verification.
And after receiving a muted reaction to his ‘Twitter Blue’ rollout, Musk eventually followed through Thursday and rid the site of ‘legacy’ ticks.
The decision was widely panned online, especially by those who lost their ticks, with megastars including Oprah Winfrey, Justin Bieber and Kim Kardashian now finding themselves without any verification.