Analysts attribute most of the price drop to Musk's recent statements about the broader global economy, where he expressed concern about rising interest costs in the U.S. and described the current market as challenging. Despite the drop, Musk's estimated net worth is still $232.2 billion, making him the wealthiest person on Earth. Tesla's market capitalization stands at $695.7 billion, making it the eighth-largest company in the world by market capitalization.
Key takeaways:
- Tesla's share price fell almost 9% following a poor third-quarter report, reducing Elon Musk's net worth by about $24 billion.
- The company reported $19.6 billion in revenue for the third quarter, down from Q2's $21.3 billion, and earnings of 66 cents per share, down from 91 cents per share in Q2.
- Musk's recent statements about the challenging global economic environment and the need for Tesla to lower prices were largely blamed for the price drop.
- Despite the loss, Musk's estimated net worth is still $232.2 billion, making him the wealthiest person on Earth.