Elon Musk's Net Worth Plummets $13B In A Day As Tesla Stock Slides

Thursday did not augur for Tesla, Inc. TSLA and its iconic CEO Elon Musk as the stock had a freefall in reaction to a mixed earnings report and management's commentary on the earnings call.

What Happened: Tesla stock fell 9.75% to $162.99 on Thursday and intraday, it dropped to a low of $160.56, the lowest since late January.

The negative reaction reflected investor worries over a further contraction in margins after auto gross margin, excluding regulatory credits, fell below the 20% threshold in the first quarter.

To make matters worse, Musk brought up the issue of Tesla's ability to sell at zero profit and make up for it long-term with the high-margin autonomy software.

A slew of analysts trimmed their price targets for the stock in the aftermath of the quarterly results.

Musk also had to contend with another failure following the aborted first flight of his SpaceX company's Starship.

See Also: How Did Elon Musk Make His Money

Musk's Net Worth Erodes: Musk, the world's second richest person, saw his net worth drop sharply on Thursday. At the end of the day, his net worth stood at $164 billion, down $12.6 billion from Wednesday, according to Bloomberg's Billionaires Index.

On the other hand, Bernard Arnault, who is ranked first on the list, saw nearly $3 billion added to his net worth on Thursday. His net worth now stood at $211 billion. Arnault is the CEO of the French fashion and cosmetics giant LVMH.

Musk's net worth is, however, in the green for the year-to-date period, as he added $26.8 billion to his wealth. This was primarily due to Tesla stock's rebound seen this year following its 66% plunge in 2022.

The billionaire now owns four companies, including his flagship electric vehicle business Tesla. He is also at the helm of SpaceX, Boring Company, Neuralink and Twitter.

In premarket trading on Friday, Tesla rebounded by 0.31% to $163.50, according to Benzinga Pro data.

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