Elon Musk’s Wealth Sold Out IDR 380 T Last Night Tech – 4 hours ago

Jakarta, CNBC Indonesia – Electric car manufacturer Tesla reported poor performance in Q3 2023. Tesla CEO and founder, Elon Musk, is pessimistic about current global economic conditions.

The company’s share price fell almost 9% on Thursday (19/10) morning after the announcement. Musk, who holds around 21% of Tesla shares, must be willing to reduce his wealth by 10% or around US$ 24 billion (Rp. 380 trillion).

As much as 68% of Musk’s total wealth comes from his share ownership in Tesla. The decline in Tesla’s business performance was a blow to the richest man in the world.

Tesla reported revenue of US$ 19.6 billion in Q3 2023. That figure fell sharply from revenue of US$ 21.3 billion in the previous quarter.

Tesla also announced earnings of 66 cents per share, down from 91 cents per share in the previous period, quoted from ForbesFriday (20/10/2023).

Both metrics were well below investors’ expectations, according to the FactSet report. Previously, investors predicted Tesla would bring in revenue of US$ 24.2 billion and profit of 72 cents per share.

According to analysts, a big factor in the decline in Tesla’s share price was Musk’s statement about global economic conditions in an investor meeting (earnings call).

On that occasion, he said “interest rates in the US are soaring” and described the current market situation as creating a “challenging economic climate”.

Musk said these conditions forced the company to lower the prices of its products. Apart from that, he also has hopes for the new product ‘Cybertruck’ which will start shipping to customers at the end of November.

According to Forbes estimates, Musk’s total wealth is currently around US$ 232.2 billion. He is still the richest person in the world.

[Gambas:Video CNBC]

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Originally posted 2023-10-20 04:30:00.