Musk’s Wealth Shrinks By $16 billion After Tesla Earnings Miss
- Shares slump after repeated price cuts weigh on margins
- Musk is still world’s richest person with $210 billion fortune
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Elon Musk’s fortune slumped by $16.1 billion Thursday after Tesla Inc.’s weak third-quarter earnings weighed on shares.
Musk, who is the richest person on the planet with a fortune of $209.6 billion, owns 13% of Tesla and derives the majority of his wealth from the auto company. Tesla’s shares fell by 9.3% after it missed both earnings and sales expectations for the quarter.