Elon Musk's wealth drops by nearly $13 billion after SpaceX's Starship rocket explodes
On Thursday, SpaceX's Starship rocket exploded minutes after took off in its test flight, Tesla's share price took a hit after the company's earnings release, and Twitter's legacy verified users started seeing their blue check marks disappear from their accounts.
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FollowBloomberg's Billionaires Index has revealed that SpaceX, Tesla, and Twitter saw about $12.6 billion being wiped off Elon Musk's net worth on Friday, the biggest decline so far in 2023.
According to reports, Elon Musk is still the second richest person in the world, after LVMH Moët Hennessy Louis Vuitton chairman and CEO Bernard Arnault who has amassed a $211 billion fortune. The two billionaires have been jostling for the top spot since Arnault overtook Musk last December.
The slide in Twitter chief's net worth tops a chaotic week. On Thursday, SpaceX's Starship rocket exploded minutes after took off in its test flight, Tesla's share price took a hit after the company's earnings release, and Twitter's legacy verified users started seeing their blue check marks disappear from their accounts.
It is reportedly said that Tesla's development has directly impacted Elon Musk's net worth. On Thursday, Tesla's share price fell sharply after the electric vehicle maker posted a 24 percent on-year slump in profit to $2.5 billion, in part, due to aggressive price cuts recently. Tesla's share price closed 9.8 percent lower at $162.99 on Thursday.
Bloomberg derives SpaceX chief's net worth from a 13 percent stake in publicly traded Tesla, a 42 percent stake in the closely held SpaceX, and a 79 percent share in Twitter, a company he bought for $44 billion in 2022. He is the CEO of all three companies.
SpaceX launches towering Starship rocket, suffers mid-flight failure; check details
Tesla's share price was up 0.1 percent in after-hours trade. The stock is up 33 percent so far this year.
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