Tesla's Robotaxi Fails to Impress, Elon Musk's Net Worth Drops $15 Bn

Tesla's highly anticipated Robotaxi event failed to meet the expectations of many investors and Wall Street analysts. As a result, the company's stock took a substantial hit — and so did the net worth of its CEO, Elon Musk. 

Elon Musk's net worth is closely tied to the performance of Tesla, as he holds a significant stake in the company.

Following the disappointing Robotaxi event, Tesla's stock plummeted by more than 9%, dropping from $238.77 to $217.80 per share.

This steep decline resulted in a staggering $15 billion decrease in Musk's net worth, according to the Bloomberg Billionaires Index. However, Musk still holds the title of the richest person on earth, with a total net worth of $240 billion.

The impact of previous events

This is not the first time Musk has faced a financial hit related to Tesla's events. In July, a similar situation occurred when the "We, Robot" event was delayed, causing a 7% drop in Tesla's stock value.

However, the company's stock rebounded in September, temporarily pushing Musk's net worth above that of major corporations like McDonald's and Pepsi.

The recent slump in Tesla shares has once again affected Musk's financial standing, highlighting the volatility of the market.

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Legal challenges and future scope

Looking ahead, Musk's net worth could receive a significant boost if his massive pay package including additional Tesla shares survives ongoing legal challenges.

This could potentially increase his ownership stake in the company to over 20%, further solidifying his position as one of the wealthiest individuals in the world.

Tesla in a controversy

Incidentally, Australian filmmaker Alex Proyas publicly criticized Elon Musk and Tesla for allegedly copying designs from his 2004 sci-fi film, I, Robot. Proyas accused Tesla of drawing inspiration from his movie for their latest robot products, including the Optimus robot, Robotaxi, and Robovan unveiled at the "We, Robot" event.

This controversy sparked debate among fans and critics alike, raising questions about Tesla’s ethical practices in innovation and design.

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