Elon Musk's wealth just dropped below $200 billion for the first time since June
- Elon Musk's wealth has come under pressure since Tesla reported third-quarter earnings.
- Musk has an estimated $193 billion fortune as of October 31, per Bloomberg's Billionaire Index.
Elon Musk's net worth is under pressure — the CEO of Tesla is worth $193 billion as of October 31, according to latest estimates by Bloomberg's Billionaire Index. It's the first time his fortune has dropped under $200 billion since early June.
Musk — whose 13% stake in Tesla accounts for the lion's share of his personal wealth — has seen his fortune tumble by around $41 billion since Tesla reported disappointing third-quarter results and an earnings call on October 18 that one Wall Street analyst dubbed a "mini disaster." His estimated net worth was $234 billion before the electric vehicle makers' latest quarterly report card.
Tesla's share price took a nearly 10% hit following the earnings and has since extended its decline. Tesla shares closed 4.8% lower at $197.36 on Monday, down 21% so far this month. However, the stock is up 60% so far this year.
Musk's net worth first hit $200 billion in 2021 and reached a peak of $340 billion in November of the same year. The tycoon's fortune has been volatile since then in part due to fluctuations in Tesla's stock.
Despite the slide in his net worth this time, Musk is still the world's richest person ahead of Bernard Arnault, the boss of luxury retail giant LVMH Moët Hennessy Louis Vuitton. Arnault is now worth $156 billion.
Arnault's fortune has also come under pressure from a decline in LVMH's stock price as consumer spending on luxury goods — which has been enjoying a boom since the pandemic — shows signs of ebbing.
LVMH's share prices are down over 6% so far this month and are down 1.3% so far this year.