Thursday, April 20, 2023 was not the best day for Elon Musk. Indeed, the tycoon experienced a real succession of misfortunes that impacted all his activities. First, there was SpaceX's accident with its Starship rocket, then the publication of Tesla Motors' disappointing first quarter results and finally, the mass abandonment of Twitter users after the removal of verification badges.
According to Bloomberg's Index of the World's Richest Individuals, Elon Musk's personal fortune reportedly dropped by $12.6 billion in one day. This huge sum is impressive to the average person, but apparently not to the executive.
The reasons for the multi-billion dollar loss
The SpaceX accident was one of the main factors that led to this loss. Indeed, the construction of a new Starship rocket is going to cost Elon Musk a lot of money. It represents a heavy investment that he will have to draw on his capital.
In addition, the release of Tesla Motors' disappointing first-quarter results led to a 9.8 percent drop in the company's stock. For Elon Musk, this is a real blow, as he owns about 13% of Tesla Motors' stock. He owns most of its net worth, now estimated at $163.9 billion.
Finally, the mass abandonment of Twitter users has also had a negative impact on Elon Musk's fortunes. After the removal of free verification badges on the social network, many users abandoned the platform.
A huge loss
Elon Musk saw his fortune drop by several billion dollars in one day. This amount would probably have ruined most people, but obviously not the leader. Still, he remains the second richest person in the world, behind French tycoon Bernard Arnault.
In conclusion, the day of Thursday, April 20, 2023 was very difficult for Elon Musk. He has suffered a real succession of misfortunes that have had a considerable impact on all his activities. Nevertheless, his fortune remains astronomical and he should be able to overcome these trials.
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