Soon after the We Robot event, Tesla’s shares saw a dip, and so did Elon Musk’s net worth.
Tesla’s shares dropped by more than 9% from $238.77 to $217.80 per share.
The major reason behind this that analysts had a lot of doubts about Tesla's robotaxi fleet.
Elon Musk hosted the annual Tesla We, Robot event where he unveiled some really cool-looking prototype Tesla robots. This included the long-anticipated prototypes for its Cybercab and Robovan. These demos were pretty interesting and left a lot of people really liking the things that were showcased. However, it seems like Tesla’s presentations didn’t impress its shareholders and those sitting on Wall Street. Soon after the We, Robot event, Tesla’s shares saw a dip, and so did Elon Musk’s net worth.
On Friday, post the We, Robot event, Tesla’s shares dropped by more than 9% from $238.77 to $217.80 per share. As Elon Musk holds 13% of the company’s stocks, his net worth is also dependent on the valuation of Tesla’s market valuation. As a result, once Tesla’s stocks went down, Musk’s net worth fell by $15 billion. However, he still remains the richest man in the world with a total net worth of $240 billion.
The major reason behind such a downfall in the stocks was that analysts had a lot of doubts about Tesla’s robotaxi fleet. Many said that not a lot of details were shared about it and analysts were even skeptical about the promised timelines for their widespread release. Furthermore, Musk had previously promised that he would roll out more affordable Teslas soon, but we haven’t heard a lot about it either, and people are disappointed about it. So that could also be a possible reason for the drop in Tesla’s stocks.
But this is not the first time this has happened. A couple of months back, in July, Elon Musk’s net worth had dropped when the We, Robot event was delayed. It was earlier stated to take place in August. At that time, Tesla’s stocks dropped by 7%. The stocks further dropped in August, and came up slightly only in September. With that, Musk’s net worth was even higher than that of McDonald’s and Pepsi.
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Mustafa Khan
Mustafa is new on the block and is a tech geek who is currently working with Digit as a News Writer. He tests the new gadgets that come on board and writes for the news desk. He has found his way with words and you can count on him when in need of tech advice. No judgement. He is based out of Delhi, he’s your person for good photos, good food recommendations, and to know about anything GenZ. View Full Profile
