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Musk loses US$16 bln overnight as Tesla shares tank nine pct after lacklustre Q3 results - BBI

20 Oct 2023 06:56pm
Elon Musk - Facebook
Elon Musk - Facebook

MOSCOW - US billionaire entrepreneur Elon Musk has shed US$16 billion of his fortune overnight as Tesla shares sank over nine per cent on the back of poor financial results in the third quarter of 2023, reported Sputnik quoting Bloomberg Billionaires Index (BBI).

The electric carmaker's shares fell 9.3 per cent to US$220 when the stock closed on Thursday after the quarterly report showed the company's net income dropping almost 1.8 times in the past quarter.

Musk's net worth dwindled by nine per cent to US$210 billion, which was still not enough to dislodge him from the top spot in the ranking of the world's richest people.

French luxury goods tycoon Bernard Arnault, who heads mega-corporation Moet Hennessy Louis Vuitton (LVMH), is in second place with US$155 billion, narrowly followed by Amazon founder Jeff Bezos with US$144 billion. - BERNAMA-SPUTNIK

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