MOSCOW, Oct 20 — United States billionaire entrepreneur Elon Musk has shed US$16 billion (RM76.3 billion) of his fortune overnight as Tesla shares sank over nine per cent due to poor financial results in the third quarter of 2023.
Sputnik, quoting the Bloomberg Billionaires Index (BBI), reported the electric carmaker’s shares fell 9.3 per cent to US$220 (RM1,049) when the stock closed on Thursday after the quarterly report showed the company’s net income dropping almost 1.8 times in the past quarter.
Musk’s net worth dwindled by seven per cent to US$210 billion (over RM1 trillion), which was still insufficient to dislodge him from the top spot in the world’s wealthiest ranking.
French luxury goods tycoon Bernard Arnault, who heads mega-corporation Moet Hennessy Louis Vuitton (LVMH), is in second place with US$155 billion, narrowly followed by Amazon founder Jeff Bezos with US$144 billion.
— Bernama
