- SpaceX rocket explosion and disappointing Tesla earnings contribute to $13 billion loss
- Musk hints at further price cuts to boost vehicle demand, raising concerns for investors
- Despite setbacks, Musk's current $164 billion net worth secures him as the world's second-wealthiest person
Elon Musk's bank account felt the burn as his assets deflated by a whopping $13 billion last Thursday. This financial rollercoaster was fueled by both a SpaceX rocket explosion and Tesla's less-than-stellar earnings report. Musk's riches, primarily sourced from Tesla shares, were shaken when the stock dipped almost 10% after the electric vehicle giant revealed a 24% year-on-year decrease in net income.
Adding to the unease, Musk hinted at more price cuts for Tesla vehicles to boost demand, even if it meant tightening profit margins. While the company increased U.S. prices on Friday, the real showstopper was SpaceX's Starship rocket going kaboom during its maiden flight. Despite the setback, Musk remains optimistic about future test launches.
Once dubbed the richest person in history, Musk's net worth now stands at a still-impressive $164 billion. Although he's currently the second-wealthiest person on Earth, the gap between him and first-place Bernard Arnault is steadily widening. With some analysts predicting a grim outlook for Tesla's stock, Elon's fortune may be in for even more turbulence.
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