The world’s wealthiest person, Elon Musk, lives as though he has nothing to lose. However, news about record profits and losses appears in the mass media regularly. Not so long ago, it became known that Elon Musk's net worth slumped by a stunning $18.4 billion.
The tycoon suffered such losses after the publication of Tesla’s corporate reports. An impressive decline in the share price had an immediate effect on Musk’s fortune, which dropped by $18.4 billion. Shares of the car manufacturer nosedived by 10% amid the report for the second quarter of 2023. Such a performance disappointed investors. Thus, Tesla reported its lowest operating income since 2021 as vehicle profit margins slumped to a multiyear low of 18.1%. Nevertheless, Elon Musk does not despair and is philosophical about such losses. He explained Tesla's latest failure by quoting Warren Buffett, who said that the stock market was "a kind of drunken psycho" whose mood was impossible to predict. The shortfall almost cost Musk the first place in the ranking of the richest people on the planet. He nearly gave way again to the LVMH owner, Bernard Arnault. Curiously, the French businessman has recently become richer by $952 million.
Earlier, Tesla’s CEO admitted that he could not understand the market situation. "We're in, I would call it, turbulent times," he said. "One day, it seems like the world economy is falling apart, next day, it's fine."
