Elon Musk is one of a kind. He is someone who does whatever he wants and has a history of interrupting stock market just with the help of some tweets. He has faced backlash due to this in the past but it doesn’t look like he bothers much what people think about him.
Now the reason why he is making news is for losing $1.1 billion from his net worth in the just two minutes. this happened in the first trading hours of the New York market when Tesla Inc. shares declined as much as 11%.
Why this decline?
The fall has made him cut his net worth to $22.3 billion. If we believe experts, the decline has come because Tesla reported a record decline in deliveries during the first quarter down to 63,000 vehicles in the three months that ended in March, from 90,966 in the fourth quarter.
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Around $10 billion of Musk’s net worth comes from Tesla and $13 billion from his stake in rocket business Space Exploration Technologies Corp.
It will be interesting to see what changes Texla makes in the coming days to cope up with this loss.
