Tesla takes a tumble, wealth of Elon Musk shrinks by $16 billion
- Elon Musk has added $70 billion to his wealth through the course of 2023 so far.
Tesla had had a weak third quarter earnings which has impacted its shares and wiped out around $16 billion of Elon Musk's total fortunes. Musk owns around 13 per cent of Tesla and most of his overall earnings come from the fate and fortunes of the electric vehicle (EV) manufacturing giant.
Tesla has had to wade through troubled waters in recent times, especially in the US where it has reduced pricing of many of its models and on multiple occasions. CEO Musk himself has pointed to high interest rates in the US as a crucial factor impacting consumer confidence. The most recent quarter saw the company delivering 435,059 vehicles, the lowest for any quarter of the ongoing year and 10 per cent down over the previous quarter. Even more notably, margins have fallen to the lowest in around four years because of the regular price cuts. Tesla's shares took a tumble of around 9 per cent recently.
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But while the field of play has become tougher, Tesla is still continuing to play relatively strong vis-a-vis global rivals. The EV manufacturer is the most valuable automotive manufacturer in the world and is looking at finishing the calendar year with 1.8 million units produced.
Tesla powers Elon Musk to riches
Musk is the world's wealthiest person and it is widely known that a major chunk of this wealth comes from Tesla's performance. Tesla shares have overall improved in 2023 and this has contributed to Musk's wealth rising by $70 billion this year alone. He was momentarily overtaken by LVMH’s Bernard Arnault in the global rich list but is now back at the top position.
(With inputs from Bloomberg)
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