As Tesla shares plummeted by 13% on Thursday, a day following the company’s fourth-quarter earnings report that fell short of expectations, Elon Musk, the CEO and centibillionaire, saw his net worth take a hit, dropping by over $18 billion.
Despite this downturn, Musk retains his position as the world’s wealthiest individual. Musk, who holds approximately 21% of Tesla, boasts an estimated net worth of $203.6 billion.
The drop was a consequence of the Wednesday earnings report for the fourth quarter, revealing several missed estimates, including quarterly revenue falling short at $25.17 billion, compared to the anticipated $25.87 billion.
Shares of other American electric car manufacturers, Rivian and Lucid, also experienced declines of 1% and 6%, respectively, on Thursday.
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