Elon Musk, the CEO of Tesla, witnessed a substantial decline in his net worth as investors reacted to the electric vehicle and clean energy company’s third-quarter financial results. According to Bloomberg, Musk’s net worth dropped by $15.9 billion, reducing his estimated wealth to $209.8 billion. Forbes’ real-time tracker reported an even more significant decrease of $25 billion, leaving his net worth at $230.9 billion. Despite these reductions, Musk’s wealth remains the world’s highest according to both Bloomberg and Forbes.
Tesla’s third-quarter results showed total revenues of $23.35 billion, marking a 5% increase from the same period the previous year. However, the company’s diluted earnings per share came in at $0.66, a 37% drop year over year, both figures falling below analysts’ expectations. As Musk addressed various topics in an accompanying earnings call, including the Cybertruck and vehicle pricing, investors and analysts closely observed Tesla’s performance in a rapidly evolving electric vehicle market.