Home / News / World /  Elon Musk loses $15 billion in a day, 6% of his wealth wiped out in 24 hours

World's richest person Elon Musk's wealth dipped over $15 billion in a day as Tesla shares plummeted the most in four months after the carmaker blamed a disappointing deliveries report on shipment issues that increased the number of vehicles on their way to customers as the quarter ended.

According to the Bloomberg Billionaires Index, Tesla's chief executive officer (CEO) Musk's wealth declined over 6% in the last 24 hours with his total wealth at $223 billion as of October 4, 2022. The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York.

Tesla's deliveries 343,830 vehicles to customers in the last three months, which was short of the almost 358,000 total that analysts expected as compiled by Bloomberg. Tesla share price tumbled over 8% on Monday, its biggest one-day decline since June 3. It was also by far the worst performer in the S&P 500 Index, which notched its best day since July.

“Historically, our delivery volumes have skewed towards the end of each quarter due to regional batch building of cars. As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks," US-based Tesla said in a statement. Meanwhile, Musk said on Twitter that he is aiming for steadier deliveries in between quarters, adding that the customer experience suffers from an end-of-quarter rush.

Elon Musk is the chief executive of Tesla, which sells electric vehicles and home solar batteries. Musk's also the chief executive of SpaceX, a rocket manufacturer tapped by NASA to resupply the space station, and has a stake in social networking company Twitter. 

He owns about 15% of Tesla, according to an August 2022 regulatory filing. He also owns about 9% of Twitter, a stake he began to acquire in February 2022. In April 2022, Twitter's board agreed to support an offer from Musk for the remainder of the company, which needs to be approved by shareholders. In July 2022, he sought to back out of the agreement.

(With inputs from Bloomberg)

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