Elon Musk loses $24-billion in net worth – but remains world’s richest person
Shares tumbled nearly 9% after Elon Musk shared his views on the global economy…
South African expat and entrepreneur Elon Musk has lost a whopping $24-billion in net worth, according to Forbes magazine! But he’s probably not losing too much sleep over it – he remains the wealthiest person on the planet.
The tumble in his fortune followed less-than-fabulous financial results in Tesla’s third quarter. Shares dropped yesterday (Thursday 19 October) by nearly 9% after Musk, CEO of the electric car manufacturing company, shared his pessimistic outlook on the global economy.
The former Pretoria Boys High student also cautioned Tesla investors to keep their expectations low concerning sales of the soon-to-be launched electric Cybertruck. After several delays, the Cybertruck is set to be available from 30 November, but with the high cost and difficulty in manufacturing the vehicle, Musk is not optimistic that sales of the eletric ‘bakkie’ will be as high as first predicted. According to Forbes magazine, experts predict the price to be “far higher” than the $39,900 Musk had announced in 2019 when he thought the Cybertruck would be ready to buy in 2021.