Elon Musk, Elon Musk's wealth, Cybercab, Tesla, Robovan, Elon Musk net worth,
Elon Musk’s wealth dropped by $15 billion following the unveiling of Cybercab by Tesla. Last week, Tesla introduced the Cybercab and Robovan concepts, but instead of boosting the company’s outlook as anticipated, the announcement led to a decline in Tesla’s share prices and a significant hit to Musk’s fortune.
According to the Bloomberg Billionaires Index, updated after New York trading closed, Musk’s net worth fell by $15 billion. Despite this, with a total net worth of $240 billion, Musk remains the world’s richest person.
Forbes noted a similar financial setback for Musk in July when the “We, Robot” event was postponed from its original August date, causing Tesla’s stock to drop by about 7%. Tesla shares continued to fall through early August before rebounding in September, pushing Musk’s net worth higher than that of McDonald’s and Pepsi. However, the stock had not yet returned to its July highs before slumping again this week.
If Musk’s substantial compensation package withstands current legal challenges, he will control over 20% of Tesla’s shares, further boosting his wealth. Musk has stated that the Cybercab will be available before 2027 for around $30,000, but shareholders are seeking more specifics on production timelines, launch dates, and the development of Tesla’s self-driving technology.
Tesla’s stock price fell more than 9%, dropping from $238.77 to $217.80 per share on Friday. The Bloomberg Billionaires Index reported that Musk’s net worth decreased by $15 billion following the market close.
However, even with this loss, his net worth remains at $240 billion, keeping him at the top of the global wealth rankings. In July, Musk experienced a similar financial dip when the We, Robot event was delayed. Tesla shares dropped 7%, but the downward trend reversed by September, lifting Musk’s net worth above McDonald’s and Pepsi.
Musk is known for making ambitious promises about new products, often falling short of expectations. Whether Tesla can successfully bring a self-driving car to market by 2027, as announced, remains to be seen.
Read More: Explained: All the allegations Justin Trudeau made against India
Australia's Attorney General has confirmed that Daniel Duggan, a former US Marine accused of training…
Six individuals who allegedly damaged actor Allu Arjun's residence in Hyderabad's Jubilee Hills were granted…
Kejriwal personally began the registration campaign by visiting homes across Delhi, kicking off a door-to-door…
President-elect Donald Trump has once again expressed his desire for the United States to take…
Several Bharatiya Janata Party MLAs from Delhi have approached the Delhi High Court, urging the…
With these technological advancements, Maha Kumbh 2025 is poised to become a landmark event, prioritizing…