Elon Musk’s nightmare day: 13 billion dollars melted in 1 day
Elon Musk’s fortune has melted by $13 billion in the last 24 hours.
On the same day, Tesla’s disappointing first-quarter balance sheet, the removal of the blue tick on Twitter, and the SpaceX rocket explosion evaporated $13 billion of Musk’s fortune.
TESLA’S DISAPPOINTING BALANCE SHEET
Tesla disappointed investors with its first-quarter results. Tesla’s first-quarter net income fell 24 percent to $2.51 billion, from $3.32 billion a year ago. The company’s earnings per share fell from $0.95 to $0.73.
After Tesla’s balance sheet, shares in the stock market fell sharply. Developments at Twitter and SpaceX also triggered the decline. Shares of the electric carmaker fell 9.75 percent to $162.99 yesterday.
EXPLODED ROCKET
For its part, Starship, the rocket of the SpaceX company owned by Elon Musk, described as “the most powerful space rocket in the world”, was launched today after last week’s delay, but it exploded minutes later.
Larger than the Statue of Liberty in New York, USA, the giant 120-meter-long rocket successfully launched from SpaceX’s Starbase in Texas.
The joy after the launch, which had been years in the making, gave way to disappointment within a few minutes. The uncrewed rocket exploded a few minutes after launch before it could reach orbit.
MOVING OFF TWITTER TO ANGRY USERS
On the other hand, Musk took a step on Twitter to anger his users. On Twitter, the social media platform bought by the famous billionaire, the ‘blue tick’ was removed yesterday.
While the social media platform has removed the “blue tick” for verified accounts that aren’t Blue users, verified checkmarks have been removed from many famous organizations and names who don’t pay an $8 monthly fee for Twitter Blue.
BIGGEST LOSS OF THE YEAR
While events at Musk’s three big companies triggered moves in the stock market, the famed billionaire’s wealth fell sharply. Musk’s wealth bore the brunt of Tesla’s stock moves, and he melted down $13 billion in 24 hours. This loss was the biggest drop of the year.
Despite the huge loss, Musk’s total net worth was $164 billion, according to the Bloomberg Billionaires Index. Musk ranks second on the list of the world’s richest, after French luxury manufacturer Bernard Arnault.