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Elon Musk Loses $18 Billion as Tesla Stocks Tumble

Elon Musk Loses $18 Billion as Tesla Stocks Tumble

  • World’s richest man Elon Musk lost $17.7 billion in a single day as Tesla stocks fell on Thursday
  • The fall in the value of shares of the electric car maker was attributed to delays in the production of Cybertrucks growing concerns about the hike in interest rates
  • Following the latest loss, Musk is worth $264 billion, according to Bloomberg’s Billionaires Index’s

Tesla shares fell on Thursday, and the result was Elon Musk losing a reasonable chunk of his wealth.

Elon Musk

The Tesla CEO lost $17.7 billion in a single day, crashing his net worth down to $264 billion, according to Bloomberg Billionaires Index’s latest update.
The fall of the electric car makers was attributed to headlines about delays in the production of Cybertruck. There is also the issue of growing concerns about the interest rate hike, and rising 10-year treasury yields.

Recently, there have been speculations about a delay in the production of Tesla’s highly anticipated Cybertruck model. Investors have reacted to the company’s decision to remove the truck’s 2022 production date from its website last month.

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The uncertainty surrounding the production date has caused the vehicle manufacturer’s shares to tumble by 6.75%.

Experts fear that Tesla stocks may be at further risk if the delay in the production of the Cybertrucks extends. This delay is likely to interfere with the company’s other more immediate goals.

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