Elon Musk’s wealth slumps RM92bil as Tesla shares tumble

The drop in net worth to US$234.4bil (RM1.06 trillion) is the seventh-largest decline ever among those in the Bloomberg Billionaires Index, and further narrows the wealth gap between Musk and Bernard Arnault, the world’s two richest people. — Reuters

Elon Musk’s fortune slumped US$20.3bil (RM92.41bil) Thursday after Tesla Inc warned it may have to keep cutting the prices of its electric vehicles, sending shares tumbling.

The drop in net worth to US$234.4bil (RM1.06 trillion) is the seventh-largest decline ever among those in the Bloomberg Billionaires Index, and further narrows the wealth gap between Musk and Bernard Arnault, the world’s two richest people. Musk’s fortune still exceeds that of Arnault, chairman of luxury goods maker LVMH, by about US$33bil (RM150.23bil).