Upper lineElon Musk’s fortune took a big hit on Thursday after the share price of his electric car titan Tesla suffered its biggest drop in three months as the world’s richest person navigates another massive swing for Tesla. Getty ImagesKey FactsMusk’s net worth fell from $256.8 billion to $238.4 billion on Thursday, according to Forbes‘ calculations. The staggering losses came after Tesla shares fell nearly 10% as investors reacted sourly to the automaker’s second-quarter earnings report, released after the market closed on Wednesday. Crucial quoteDuring Wednesday conference call with Tesla investors, Musk compared Tesla’s massive stock swing to a 2015 analogy from Warren Buffett, where the famous investor said that owning stock in a public company can feel like there is an imaginary “professional psycho” dictating the value of said stake. Further readingTesla Stock Takes 9% Plunge After Earnings — Here’s Why Some Say Its $840 Billion Valuation Is ‘Disconnected From Reality’ (Forbes)Behind The Billions: Elon Musk (Forbes)Here’s how Tesla’s stock fared after the last 10 earnings reports (Forbes)Follow me further Twitter.

Source: Forbes July 21, 2023 09:42 UTC