Elon Musk’s Net Worth Takes Another Nosedive After Tesla Earnings Report

Elon Musk’s net worth has taken a hit of up to $7 billion, falling below $200 billion for the first time since June.

The Tesla and SpaceX founder saw his net worth drop to $193 billion Monday before rebounding slightly to $195 billion by the end of Tuesday, according to the Bloomberg Billionaire Index. 

Following a disappointing quarter for Tesla, Bloomberg estimates that the CEO has lost $41 billion since the electric vehicle maker’s Oct. 18 earnings report. Musk, who has a 13% stake in the electric car company, was reportedly worth $234 billion before the lackluster results that missed Wall Street's estimates for revenue and profit.

Still, despite the drop in his net worth, which measures the value of assets under Musk's ownership, he remains the world’s richest person, according to both Bloomberg and Forbes.

Forbes, however, reported separately that Musk has a net worth of nearly $219 billion as of Wednesday.

Tesla’s third-quarter profits were down nearly $2 billion compared with a year earlier. The automaker pointed to research and development costs related to its long-delayed Cybertruck for the shortfall.

Tesla’s shares have plunged by approximately 20% over the last two weeks since the earnings report. The EV maker had a market capitalization of $634.5 billion as of Wednesday.

The world’s most valuable automaker also could fall short of its target of 1.8 million deliveries for the year, having delivered 435,059 electric vehicles in total for the quarter and 1.3 million for the last nine months.

Fortune reported Monday that X, formerly Twitter, which Musk bought for $44 billion in October 2022, is now worth only $19 billion, a 57% decline in the company’s market value in just the past year. 

Musk said in a post to his social media platform in July that X is “still negative cash flow,” pointing to a “50% drop in advertising revenue plus heavy debt load.”