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Tesla billionaire boss Elon Musk has been spotted looking downcast and stressed as he left a hotel in Los Angeles on a week where his financial fortune has taken a dramatic drop
Elon Musk, the high-profile owner of X (formerly Twitter) and Tesla chief executive, has recently been spotted looking weary and subdued after suffering staggering financial setbacks. In just over a year, the billionaire has seen more than half of his vast fortune wiped out.
His troubles deepened this week when Tesla released underwhelming earnings, sparking another sharp decline in the company’s market value. Musk, photographed leaving a Los Angeles hotel dressed in black and appearing strained, seemed visibly affected by the downturn.
Elon Musk was seen looking downcast after his net worth dropped by $18 billion
The challenges come as Tesla loses ground to Chinese rival BYD, now the world’s leading electric vehicle manufacturer. During the company’s latest earnings call, Musk acknowledged that without stricter rules on imports, Tesla’s ability to compete would be seriously compromised.
The automaker’s market capitalization dropped by roughly $88 billion (£69 billion) this week alone, dragging Musk’s personal stake down by around $11.3 billion. At his peak, Musk’s net worth was estimated at $340 billion (£270 billion). However, waning enthusiasm from investors in Tesla — coupled with the dramatic fall in X’s valuation since his $44 billion (£35 billion) takeover — has severely dented his financial standing.
The billionaire has faced a difficult year after Tesla stocks dropped
As a result, Musk has lost his position as the world’s richest individual to French luxury magnate Bernard Arnault. Other American billionaires, including Bill Gates, Jeff Bezos, Larry Ellison and Larry Page, have also faced steep declines, collectively shedding more than $180 billion (£141 billion) since the start of last year.
According to Bloomberg’s Billionaires Index, Musk endured an unprecedented $208 billion (£172 billion) loss in just 13 months, largely linked to Tesla’s falling stock price. That figure is believed to be the single largest wealth drop ever recorded, erasing more than half of his record-high portfolio, which once stood at $478,7 billion.