Elon Musk's net worth drops by $16.7 billion as a result of Tesla's disappointing third-quarter results

 Elon Musk's net worth drops by $16.7 billion as a result of Tesla's disappointing third-quarter results

Elon Musk's net worth decreased by $16.7 billion on Thursday as a result of Tesla Inc.'s subpar third-quarter results and declining stock price.

With a fortune of $209 billion, Musk is the wealthiest man in the globe. He owns 13% of Tesla and gets the bulk of his money from the automaker. After missing the quarterly profit and sales targets, Tesla's stock dropped by 9.3%. 

Musk often brought up the negative impact of high interest rates on customer confidence in a conference call held on Wednesday after the announcement of the company's results. Delivering 435,059 automobiles, the electric-vehicle behemoth announced its first quarterly decline in sales this year as profits dropped to their lowest level in more than four years as a result of the firm constantly lowering the price of its vehicles.

Despite the worsening fundamentals, Musk's fortune increased by more than $70 billion in 2023 along with a recovery in Tesla shares. After being momentarily surpassed by Bernard Arnault of LVMH, he has reclaimed his title as the richest person in the world. 

Despite its difficulties, Tesla insists that by the end of the year, 1.8 million customers will be driving new cars. The most valuable automaker in the world, Tesla, said that its first, long-awaited Cybertrucks, which are now two years behind schedule, will be delivered in November.