Elon Musk loses billions in net worth after a hectic 24 hours

A bad day at the office(s) saw Musk lose out on billions across his three companies

sad Elon Musk

According to Bloomberg‘s Billionaires Index, Elon Musk has reportedly seen his net worth crash by $12.6 billion USD (about $17 billion CAD) after a chaotic 24 hours for Twitter, Tesla and SpaceX.

Musk’s problems began on the morning of April 20th, with Tesla publishing disappointing first-quarter results. The EV company reported a nearly 20 percent decline in gross margins after aggressive price cuts to its vehicle lineup in recent months. This saw the company’s share price drop by 9.8 percent.

Just a few hours later, another Musk company, SpaceX, saw one of its test launches of the Starship spacecraft end in a self-described “rapid unscheduled disassembly.” The Starship made it off the ground in what looked to be a success before combusting into a ball of flames just four minutes after takeoff. Musk, who has a substantial 42 percent stake in SpaceX, said another test launch would take place in a few months.

If you’re following along, that’s a 9.8 percent Tesla share price drop, and one exploded test-launch rocket, all before lunch.

To make matters worse, Thursday was not kind to Musk’s latest venture as Twitter’s CEO, either. April 20th was also the day that legacy accounts across the site began to see their verified blue checkmarks disappear after Musk confirmed the change a week prior. The decision was made in an effort to get users to sign up for Twitter Blue, a subscription that costs $8 per month. Only select people, such as William Shatner and LeBron James, held on to their checkmarks after the CEO confirmed that he would be fronting the bill for some accounts with notable followings.

This decision was met with backlash from media organizations and the overall Twitter populace, with many concerned that the removal of verified accounts would lead to a spread of misinformation.

Despite a “bad day at the office” for Musk, he remains the second richest person in the world, sitting just behind LVMH CEO Bernard Arnault. The recent loss does not eclipse the $26.8 billion USD (about $36.3 billion CAD) increase in Musk’s wealth following Tesla’s 33 percent share price rebound in January 2023.

Perhaps jokingly, the billionaire ended his day with this tweet.

Source: Bloomberg Via: The Verge