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Thursday, November 30, 2023

Following Tesla’s disappointing earnings, Elon Musk’s net worth fell by $16.7 billion

<p>The world’s richest man, Elon Musk, saw a dramatic decline in his financial situation on Thursday. He lost $16.7 billion in net worth, leaving him with a still magnificent $209 billion wealth. His 13% stake in electric car maker Tesla continues to be the major source of his riches.<img decoding=”async” class=”alignnone wp-image-246451″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-following-teslas-disappointing-earnings-elon-musks-net-worth-fell-by-16-7-billion–750×500.jpg” alt=”theindiaprint.com following teslas disappointing earnings elon musks net worth fell by 16 7 billion” width=”1397″ height=”931″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-following-teslas-disappointing-earnings-elon-musks-net-worth-fell-by-16-7-billion–750×500.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-following-teslas-disappointing-earnings-elon-musks-net-worth-fell-by-16-7-billion–1024×683.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-following-teslas-disappointing-earnings-elon-musks-net-worth-fell-by-16-7-billion–768×512.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-following-teslas-disappointing-earnings-elon-musks-net-worth-fell-by-16-7-billion–150×100.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-following-teslas-disappointing-earnings-elon-musks-net-worth-fell-by-16-7-billion-.jpg 1200w” sizes=”(max-width: 1397px) 100vw, 1397px” title=”Following Tesla's disappointing earnings, Elon Musk's net worth fell by $16.7 billion 3″></p>
<p>This decline was brought on by Tesla’s third-quarter earnings announcement, which fell short of market expectations. These dismal statistics caused a 9.3% decline in the stock price of Tesla. Delivering 435,059 automobiles throughout the quarter, the business recorded a decline in sales. Its profit margins decreased to their lowest level in more than four years. The company’s periodic car price decreases contributed to this being Tesla’s first quarterly sales drop of the current year.</p>
<p>Surprisingly, despite these difficulties, Elon Musk’s total net worth for 2023 has increased significantly, climbing by more than $70 billion. This growth has been encouraged by the revival of Tesla’s stock price, despite the company’s struggling financial performance.</p>
<p>Tesla continues to be the most valuable carmaker in the world despite its recent difficulties. By the end of the year, it will have delivered 1.8 million new cars to consumers. Additionally, Tesla’s long-awaited Cybertrucks are about to enter the market. Deliveries begin in November, although they are a couple of years behind schedule.</p>
<p>Switching gears, Elon Musk also entered the social media space by purchasing Twitter, which was renamed X. The implementation of a small $1 yearly charge for consumers in the Philippines and New Zealand is one significant move. According to Musk, this action is intended to solve the problem of automated accounts, or “bots.”</p>
<p>Daily active users on X have decreased while it has been in Musk’s hands; the network presently has 225 million users, an 11.6% drop since his purchase. In a recent speech at Vox Media’s Code 2023 tech conference, X’s CEO Linda Yaccarino revealed this fall in user numbers.</p>
<p>Elon Musk’s business, X Corp, which was once known as Twitter, was involved in a court battle with Parag Agrawal and a number of former Twitter executives. The conclusion was a decision by Judge Kathaleen St. J. McCormick of the Delaware Chancery Court, who found that Twitter had not complied with its commitment to pay the legal costs spent by these people while they worked for the firm.</p>
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