ALBAWABA - Elon Musk, the American billionaire, and CEO of Tesla, lost $11 billion of his wealth amid Tesla’s stocks vast decline.
Tesla’s shares experienced a tremendous drop for the first time in over two weeks after the company announced delaying the launch of its new automated taxi service: "Robotaxi."
Tesla shares dropped around 7%, falling to around $248. This marks the first decline since June 2024 and it is a significant drop since March 2024.
Musk wealth drops
Musk owns 13% of Tesla’s shares. As a sequence of the drop, he lost almost 11.8 billion dollars as his stake in the company was 188.2 billion dollars and it is now 176.8 billion dollars.
Tesla Robotaxi
Tesla announced postponing the launch of its new automated taxi service: “Robotaxi” from August 2024 to October 2024.
Tech people and investors are enthusiastic about the launch of this first autonomous-driving Tesla taxi.
Musk loses 11 billion dollars (Shutterstock)
It is worth mentioning that Musk is currently the wealthiest man in the world according to Forbes Magazine. His wealth is estimated to be around $221.4 billion.
Elon Musk is presently serving as the CEO of Tesla, a leading electric cars company and SpaceX, a space exploration technologies corporation.
The net worth of Elon Musk always fluctuates based on the stocks’ performance of Tesla and SpaceX companies.
