Tesla Cybercab: Why Has Elon Musk’s Net Worth Dropped By $15 Billion After The Big Announcement

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.

Still the world’s richest person

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.

Tesla Cybercab availability and price

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.

Elon Musk net worth taking a hit?

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.

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