Elon Musk's net worth dropped by $15 billion after Tesla's Robotaxi event
- Tesla debuted its prototype CyberCab at the “We, Robot” event in Los Angeles on Thursday.
- Tesla stock fell more than 9% on Friday, reducing Elon Musk's net worth.
- Although his net worth has dropped by about $15 billion, Musk is still the richest man in the world.
Tesla's Robotaxi event, where the company debuted long-awaited prototypes for its CyberCab and Robovan, failed to impress many investors and Wall Street analysts. The company's stock subsequently plummeted — and with it, CEO Elon Musk's net worth.
Musk's net worth — which is partially tied to Tesla, as he owns about 13% of the company's stock — goes up and down with the company's value. And on Friday, Tesla stock sank more than 9% from $238.77 to $217.80 a share.
According to the Bloomberg Billionaires Index, updated after trading closed in New York, Musk's net worth fell by $15 billion. With a net worth of $240 billion, Musk is the richest person in the world.
Forbes reported in July that Musk suffered similar financial losses after the “We, Robot” event was delayed from its original August date, and Tesla's stock fell nearly 7%. The company's stock value continued its downward trend in early August before rebounding in September — making Musk's net worth greater than that of McDonald's and Pepsi. However, Tesla shares have yet to return to the year-to-date highs they hit in July before the stock fell again this week.
Musk will control more than 20% of Tesla's shares if his huge pay package survives ongoing legal challenges, which could boost his net worth.
Musk and Tesla representatives did not immediately respond to Business Insider's request for comment.
Business Insider reports that the “We, Robot” event left many Wall Street analysts with more questions than answers about Tesla's robotaxi fleet. Analysts have criticized the lack of detail about the company's plans for self-driving vehicles and expressed skepticism around the proposed timeline for their widespread release. A lack of transparency and the absence of the long-promised, less expensive Tesla may have contributed to the stock's decline.
Business Insider reported, “Heading into what could be the most anticipated product unveiling in Tesla's history, we had many expectations about what the market could learn from what we believe to be a result of the direction and debate surrounding the stock.” Morgan Stanley analyst Adam Jonas, wrote a Friday morning note to clients. “We were overall disappointed with the material and details of the presentation.”
At the event, Musk said Tesla plans to launch its autonomous CyberCabs “before 2027” and did not provide a timeline for the launch of its RoboVan, which will seat 20. The company also revealed the latest prototypes for its humanoid Optimus robots, which danced, poured drinks and posed for selfies during the event.
Robots will be “the biggest product of any kind,” Musk said.
In X's posts after the event, Musk highlighted reviews of Tesla investors impressed with the company's vision for the future of autonomous taxis, including reposting a clip of Wedbush analyst Dan Ives describing Tesla as “front and center of the 4th industrial revolution.”