Elon Musk’s fortune slumped by $16.1 billion Thursday after Tesla Inc.’s weak third-quarter earnings weighed on shares.
Musk, who is the richest person on the planet with a fortune of $209.6 billion, owns 13% of Tesla and derives the majority of his wealth from the auto company. Tesla’s shares fell by 9.3% after it missed both earnings and sales expectations for the quarter.
In a conference call following the earnings release Wednesday, Musk repeatedly mentioned the toll of high interest rates on consumer confidence. The electric-vehicle juggernaut reported its first quarterly fall in sales this year, delivering 435,059 vehicles, while margins fell to the lowest in over four years after the company repeatedly cut prices for its cars.
Still, Musk’s wealth is up by more than $70 billion in 2023 alongside a rebound in Tesla shares despite the deteriorating fundamentals. After briefly being overtaken by LVMH’s Bernard Arnault, he’s once again the world’s wealthiest person by a wide margin.
Despite its struggles, Tesla maintains that it will put 1.8 million customers into new vehicles by year-end. Tesla remains the most valuable vehicle producer in the world and said it will deliver its first long-awaited Cybertrucks in November, about two years behind schedule.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
