Topline
Elon Musk’s estimated net worth dropped by $11 billion on Thursday following a significant dip in Tesla’s share price. This decline came after Bloomberg reported that Tesla would delay the launch of its much-anticipated robotaxi service.
Key Facts
Tesla’s stock fell by nearly 7% to just over $245 as of around 2:40 p.m., marking its first day of losses since June 24 and its biggest plunge since March 4. The value of Musk’s roughly 13% stake in the company declined from $188.2 billion to $176.8 billion. This drop followed an 11-session rally that had increased his stake’s value by about $56 billion.
The delay in the robotaxi launch from August to October comes as Tesla seeks to rework the vehicle, according to unnamed sources familiar with the decision. Tesla did not immediately respond to a request for comment.
Forbes Valuation
Despite the drop, Musk remains the world’s wealthiest person with an estimated net worth of $247.3 billion. This figure represents a 4.25% dip on Thursday. Musk maintains a $36 billion lead over Amazon founder Jeff Bezos, whose estimated net worth is $210.6 billion.
Surprising Fact
The recent 11-session rally was the longest streak of consecutive gains for Tesla since last May, when shares jumped by about 41% over 13 days. This rally added approximately $257 billion to Tesla’s market cap.
Key Background
Musk announced earlier this year that Tesla’s robotaxi vehicle would be unveiled on August 8. The concept of a robotaxi, part of the “Tesla Network,” was introduced by Musk in 2016. This network would allow Tesla owners to add their cars to a shared fleet to generate income. During Tesla’s first-quarter earnings call, Musk indicated that the company planned to operate a fleet of millions of autonomous vehicles with software still under development.
Tesla’s stock had declined by 20% over the first six months of 2024 due to falling delivery totals. However, the stock rebounded and is now up 6% after recovering from a year-to-date low in April.http://news18.com
Conclusion
Elon Musk’s net worth and Tesla’s stock price experienced a sharp decline following news of the robotaxi launch delay. This setback highlights the challenges and uncertainties in the development of autonomous vehicle technology. Despite this, Musk’s substantial lead over other billionaires and Tesla’s ability to recover from previous dips demonstrate the enduring strength and resilience of both the entrepreneur and his company.http://viralenews.com
