Musk’s fortune drops $20.3 billion with Tesla stock loss

Bloomberg – Elon Musk’s fortune has plummeted $20.3 billion On Thursday, after Tesla Inc TSLA has warned that it may have to continue lowering the prices of its electric cars.

The drop leaves his net worth all over $234.4 billionwhich is the seventh largest decline in history among those included in the Billionaires Index bloomberg. This closes the gap with Bernard Arnault, the second richest person in the world.

According to the Billionaires Index bloombergMusk’s wealth still exceeds that of a president LVMH in about $33 billion.

Musk wasn’t the only American tech billionaire who had a rough day. Jeff Bezos Amazon company (AMZN), Larry Ellison Oracle Corporation (ORCL), Steve Ballmer, former CEO, Inc Microsoft Corporation. (MSFT), Mark Zuckerberg of Meta Platforms Inc. (META), Larry Page and Sergey Brin, co-founders Alphabet Inc. (GOOGL), she lost her collective net worth $20.8 billion While the Nasdaq 100 index, a high-tech sector, fell by -2.3%.

Shares of Austin-based Tesla fell -9.7% to $262.90 in New York, the worst level since April 20, after the company warned of further damage to its already sluggish profitability.

Months of cuts have hit the automaker’s gross marginThat fell to a four-year low in the second quarter. Musk, the company’s CEO, said on Wednesday that Tesla will continue to cut prices if interest rates continue to rise.

Musk, 52, derives his wealth mainly from his stake in the electric car maker, as well as his stakes in it. Space exploration techniques no Twitter. His wealth increased by about $118 billion this year through Wednesday, when Tesla shares jumped +136%.

Arnaud, 74, has seen his net worth increase by $39 billion this year to 201.2 billion US dollars. Shares of Paris-based LVMH are up +26% in 2023.

– In collaboration with Jack Witzig.

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