"You use the word "insurance", my friend. You do know we'll all be paying higher rates, right?" 😎👍
Posted on 10/22/2023 6:28:08 AM PDT by dennisw
Tesla Inc (NASDAQ:TSLA) shares dropping hard on Elon Musk‘s weak economic outlook from the company’s recent earnings call, the CEO’s net worth has also taken a hit by a massive $30 billion.
Tesla reported its third-quarter financial results after market close on Wednesday.
Tesla reported third-quarter revenue of $23.35 billion, which was up 9% year-over-year. The revenue total, however, missed a Street consensus estimate of $24.38 billion. The company’s profit of $1.85 billion was lower quarter-on-quarter as well as year-on-year.
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The CEO’s comments on rising interest rates, hinting at future price cuts, and subsequent slowdown in developments, including the Gigafactory in Mexico, sent shares tumbling. The company also refused updates on the deployment of its humanoid robot Optimus at its factories and the timeline for delivering the refreshed Model 3 in the U.S..
"If the macroeconomic conditions are stormy, even if the best ship is still going to have tough times, the weaker ships will sink. We’re not going to sink. But even a great ship in a storm has challenges," the CEO said during the call. Shares of Tesla dropped 15.2% this week to $211.99 as of close on Friday after opening at $250.10 on Monday. This is also reflected in the billionaire CEO’s net worth.
Impact On Musk’s Net Worth: As of Tuesday, the billionaire’s net worth stood at a staggering $234 million. This dropped $30 billion during the course of the week and now stands at $204 billion, as per Bloomberg Billionaire’s Index.
Musk continues in the position of the world’s richest individual, seconded by CEO of LVMH Bernard Arnault.
(Excerpt) Read more at msn.com ...
There is nothing good about battery cars.
When you are as wealthy as Musk what difference does 30 billion make?
All this EV criticism at FR is killing Tesla. Every photo posted here of a flaming fag burning EV. And Musk’s net worth goes down 100 million dollars.
Even worse is automobile Insurance on EVs is poised to go through the roof!
The least Elon could do is give me a billion dollars before he loses more.
“There is nothing good about battery cars.”
Gasoline and diesel are very energy dense. This is how capitalist economics arrived at using them in cars and trucks/ How energy dense is a Tesla battery?
I’ve seen stats, some where north of 1/30th the energy density. The only thing denser is the people who buy them.
"You use the word "insurance", my friend. You do know we'll all be paying higher rates, right?" 😎👍
They’re still only about 8% of auto sales. In California, you can get $17,000 in incentives to buy one, so it’s about 25% there, which shows that consumer-driven demand is not that high.
All part of the plan to make personal transportation unaffordable.
You’ll need that money if you have a fender bender or run out of juice.
Insurance companies may quit insuring them.
👍
Battery powered cars don’t make any logical sense...
Now he can only afford a fleet of private jets, not an armada.
The ignorant writer who lacks comprehension of the market reality fails to recognize that Musk lost nothing because he did not sell anything.
They drastically dropped the prices for one thing.
Idle curiosity question about Teslas: how does the body fare over the course of multiple northern winters?
UH OH! I’m sure he’ll be eating Ramen for the next month!
/s
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