Elon Musk’s net worth dropped $11.1 billion in just one day due to Tesla’s stock, which had risen over 100% in 2023. The stock’s increase was partly due to Tesla profiting from artificial intelligence. The stock’s recent gains have boosted Musk’s net worth, recapturing his title as the world’s richest person.
Elon Musk had enjoyed an over $90 billion rise in his wealth this year. But, he has now suffered a loss of $11.1 billion in just one day, due to Tesla’s stock.
Tesla’s stock, which have enjoyed a jump of over 100% in 2023 so far, bled heavily on June 26, 2023. Due to this, the company’s CEO Elon Musk suffered a huge fall in his networth. Elon Musk’s networth lost $11.1 billion on June 26, and is is $219 billion now.
EV giant Tesla stock crashed over 6% on June 26 after Goldman Sachs on Monday slashed the company’s rating to “hold”, joining Morgan Stanley and Barclays. This is what downgraded the stock last week.
But, the brokerages’ price targets were raised to reflect the momentum in Tesla stock, which have grown over 120% this year. The stock’s increase has been partly attributed by brokerages to Tesla profiting from the tremendous interest in artificial intelligence.
In the past two months, a number of good news stories have benefited Tesla’s stock, including agreements with rival manufacturers Ford and General Motors to obtain access to its charging network, a move that might make its chargers the industry standard.
For Musk, the past few months have been quite unpredictable.
Musk lost $200 billion last year, and Bernard Arnault. became the world’s richest man.
But, the Tesla boss has regained the title of world’s richest
person and revealed major plans for the company and his other enterprises thanks to Tesla shares’ $90 billion boost in net worth.
Musk told Modi that Tesla would start in India as soon as possible. His other companies, like Tesla, have lofty India objectives.
Conclusion:
Elon Musk’s net worth dropped $11.1 billion in just one day due to Tesla’s stock. The stock’s downgrade by Goldman Sachs and Morgan Stanley and Barclays downgraded the stock, but the brokerages’ price targets were raised to reflect the momentum in Tesla stock. The increase in Tesla stock has been partly attributed to the company’s profiting from the interest in artificial intelligence. In the past two months, Tesla has benefited from agreements with rival manufacturers Ford and General Motors to obtain access to its charging network. Musk has also revealed significant plans for Tesla and his other businesses, including a potential launch in India.
