Elon Musk’s fortune slumped by $16.1 billion Thursday after Tesla Inc.’s weak third-quarter earnings weighed on shares.
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00:00 Elon Musk's net worth just dropped by $16 billion in a single day because of Tesla's weak earnings.
00:06 Musk is the richest person on the planet with a fortune of $209.6 billion.
00:11 He owns 13% of Tesla, which means a big portion of his wealth comes from the company.
00:15 Tesla's shares fell by 9.3% on Thursday after it missed both earnings and sales expectations for the third quarter of this year.
00:22 And this automatically resulted in Musk's net worth plummeting.
00:25 But overall, his wealth is still up by $70 billion in 2023.