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Shocking! Elon Musk loses $15 billion in a day

Shocking! Elon Musk loses $15 billion in a day

 The world's richest man and Tesla CEO (chief executive officer), Elon Musk, lost over $15 billion in a day as Tesla shares plummeted the most in four months after the company blamed a disappointing deliveries report on shipment issues.

According to the Bloomberg Billionaires Index, Tesla CEO Musks' wealth declined by over 6% in a day with his total wealth at $223 billion as of October 4, 2022.

Tesla delivered 343,830 vehicles to customers in the last three months, which was short of the almost 358,000 total that analysts expected as compiled by Bloomberg. The shipment issues increased the number of vehicles on their way to customers as the quarter ended.

The share price of Tesla tumbled over 8% on Monday, its biggest one-day decline since June 3. Tesla was also by far the worst performer in the S&P 500 Index. Musk owns about 15% of Tesla, according to an August 2022 regulatory filing. 

Tesla sells electric vehicles and home solar batteries. Musk is also the chief executive of SpaceX, a rocket manufacturer tapped by NASA (National Aeronautics and Space Administration) to resupply the space station. Musk also has a stake in social networking company Twitter. Musk owns about 9% of Twitter, a stake he began to acquire in February 2022.

In April 2022, Musk agreed to buy Twitter. In July 2022, he sought to back out of the agreement. He blamed Twitter for breaching the agreement by misrepresenting the number of fake accounts on the micro-blogging site. 

Currently, Twitter and Musk are fighting a legal battle. The world’s richest man is scheduled to be questioned under oath by Twitter Inc lawyers on October 6-7. In the Musk vs Twitter buyout battle, Musk and Twitter are conducting dozens of depositions and reviewing thousands of documents for the five-day trial starting October 17 in Wilmington, Delaware.


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