Elon Musk
Updated: Elon Musk $9.8bn richer in one day, despite Tesla revenue decline
Elon Musk, the former world’s richest man, saw his net worth increase by $9.8 billion in just one day, bringing it to $187.7 billion.
This came despite the revenue of its top electric vehicle manufacturing company decline, Tesla, declining substantially.
This was reported on Thursday by Nairametrics quoting data from Forbes Real-Time Billionaire Index.
Tesla reported disappointing results, missing estimates on both the top and bottom lines. Revenue experienced a 9% year-over-year decline, the most significant drop since 2012.
Auto sales also fell by 13% compared to the same period in 2023. Additionally, free cash flow turned negative.
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For example, revenue decreased from $23.33 billion a year earlier and from $25.17 billion in the fourth quarter. Net income plummeted by 55% to $1.13 billion, or 34 cents a share, from $2.51 billion, or 73 cents a share, in the previous year.
Despite these challenges, Tesla shares surged by 13% in extended trading on Tuesday after the earnings report. Some of the optimism stemmed from Tesla’s announcement of plans to commence production of new affordable electric vehicle models in “early 2025, if not late this year.”
As Musk owns 13% of Tesla, significant fluctuations in share price on the trading markets can result in substantial increases or losses in his net worth.
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