Derek Saul is a New Jersey-based Senior Reporter on Forbes' news team. He graduated in 2021 from Duke University, where he majored in Economics and served as sports editor for The Chronicle, Duke's student newspaper, joining Forbes soon thereafter.
World’s richest man Elon Musk got a good deal less rich Wednesday as the share price of his electric vehicle company TeslaMusk’s fortune fell by more than $16 billion from $249 billion to $232 billion by late morning, according to Forbes’ real-time estimates.
It’s a drop owed to Tesla stock’s 12% dive after its latest earnings report revealed the fourth consecutive quarter of significant profit declines. The single-day decline in Musk’s net worth is roughly equivalent to the entire net worth of James Ratcliffe, the second-wealthiest person in the United Kingdom.
Musk remains more than $30 billion richer than the next-richest person on the planet, Amazon founder Jeff Bezos, even after the value of his 13% existing stake in Tesla dropped from about $101 billion to $89 billion.We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines.
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