Elon Musk, money has gone down. He’s the boss of Tesla, and as of October 31, he’s worth $193 billion, according to Bloomberg’s Billionaire Index. This is the first time his money has been less than $200 billion since June.
Musk owns 13% of Tesla, which is most of his money. But after Tesla had a bad third quarter and a not-so-great earnings call on October 18, his money went down by about $41 billion. One Wall Street expert even called it a “mini disaster.” Before Tesla’s latest report, his money was estimated to be $234 billion.
Tesla Stock Price Drops 10% After Earnings
Tesla’s stock price fell by almost 10% after their earnings announcement, and it continued to drop. On Monday, Tesla’s shares closed at $197.36, which was 4.8% lower. This means that in the current month, the stock has gone down by 21%. However, over the course of the whole year, the stock has gone up by 60%.
In 2021, Elon Musk’s money first reached $200 billion, and it went up to its highest point at $340 billion in November of the same year. Since then, Musk’s fortune has been changing a lot, mainly because Tesla’s stock keeps going up and down.
Even though Elon Musk’s money has gone down this time, he’s still the richest person in the world, and he’s ahead of Bernard Arnault, who runs the luxury retail company LVMH Moët Hennessy Louis Vuitton. Arnault’s money is now at $156 billion.
Arnault’s fortune has also faced challenges because the stock price of LVMH has gone down. This is happening because people are not spending as much on luxury items as they were during the pandemic. LVMH’s stock prices have dropped by more than 6% this month and by 1.3% for the year.
Summary
Elon Musk’s net worth dipped below $200 billion to $193 billion by October 31, following Tesla’s challenging quarter. Despite this, Musk remains the world’s richest person. Tesla’s stock fell 10% post-earnings, closing at $197.36, marking a 4.8% decrease, while year-to-date it’s up 60%. Bernard Arnault’s LVMH faced stock declines as luxury spending waned, down over 6% this month and 1.3% for the year.
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