Looks like Elon Musk took quite the hit to his wallet on Thursday – $13 Billion to be exact, the largest drop so far this year, according to Bloomberg’s Billionaires Index, all due to poor Tesla earnings and the explosion of a SpaceX Rocket.
Most of Musk’s money comes from his Tesla earnings – earnings that have dipped exponentially, dropping 10% on Thursday. The drop in share price yanked $58 billion from the company’s market cap, leaving investors feeling nervous. The company also disclosed that they’ve seen a 24% decline in net income.
In hopes of making some of this money back, Tesla has increased prices in the US and Musk has made good on his promise to rescind the famous blue check on Twitter for those who haven’t paid their $8 monthly fee.
Musk also took a hit when SpaceX rocket, Starship, exploded only minutes after it launched, descending in a fireball over the Gulf of Mexico.
Musk claims to have “learned a lot” from the failed launch and said that they would relaunch within months.