Tesla’s stock is facing another steep decline. Last Thursday, shares were trading at $255, but by yesterday, they had dropped to $218. According to Forbes, this downturn has significantly impacted Elon Musk’s net worth, causing it to decrease by more than $16 billion, from $249 billion to $232 billion. This 14% reduction occurred in just one day.
Analysts believe this decline is related to a potentially disappointing trend in earnings reports.
Musk’s private aerospace giant, SpaceX, and AI startup, xAI, account for most of his net worth, excluding Tesla. Recently, he gained attention for reportedly endorsing Republican presidential candidate Donald Trump. Trump even boasted that Musk had pledged $4,500 per month in support. However, Musk later denied this claim.
This situation might indicate that the U.S. election is not going as Musk had hoped. Meanwhile, Musk faces criticism for halting the construction of the Nuevo León factory in Mexico due to the potential for Trump’s election victory.
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