The net worth of US billionaire Elon Musk declined during trading on Thursday by $ 13.6 billion, after the share of Tesla fell strongly due to its warning that it may have to continue to reduce the prices of its e-vehicles.
According to Bloomberg, the net worth of the world's richest man and CEO of Tesla decreased to $241 billion.
The decline in Elon Musk's wealth narrowed the wealth gap between him and the French billionaire Bernard Arnault, who ranks second among the world's richest people, with an estimated net worth of $203 billion, according to the Bloomberg Billionaires Index.
Bloomberg data indicates that Elon Musk's wealth still exceeds the wealth of the chairman of the board of directors of the French company LVMH Bernard Arnault by about $40 billion.
The decline in Tesla’s shares had the main role in the decline of Elon Musk’s wealth, as his losses at the beginning of the day’s trading amounted to about 9%, reaching the level of $ 265.14 per share to complete its decline that it recorded yesterday by approximately 7%.
The decline in Tesla shares led to its decline yesterday, in seventh place among the list of the most global companies in terms of market value, which fell to $840.80 billion.
The decline in the most prominent stock among the world of electric cars came on the heels of the announcement of Elon Musk, CEO of Tesla, whose profit margin shrank to the lowest level in four years as a result of intense competition, that the electric car maker could continue to reduce prices, because the global economy is going through difficult times.
It is noteworthy that Tesla has reduced the prices of its cars several times in major markets several times, including the United States and China.
Yesterday, Tesla revealed that it recorded revenues in April to last June, amounting to $ 24.9 billion, exceeding expectations, driven by an increase in deliveries due to price cuts approved by the company.
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