Elon Musk's Wealth Plummets as Tesla Earnings Disappoint

Elon Musk's wealth took a hit of $16.1 billion after Tesla's weak third-quarter earnings caused a 9.3% drop in the company's shares. Despite this setback, Musk's overall wealth is still up by over $70 billion in 2023. Tesla reported its first quarterly fall in sales and a decline in margins, attributing it to high-interest rates affecting consumer confidence. However, Tesla remains the most valuable vehicle producer globally and plans to deliver its long-awaited Cybertrucks in November.