Elon Musk loses $13 billion in 24 hours after SpaceX rocket explosion and disappointing Tesla earnings

, which monitors the real-time wealth of the richest people on the planet, Musk’s net worth was depleted of $12.6 billion on Thursday.

Much of Musk’s wealth is derived from shares in Tesla, which tanked nearly 10% on Thursday on the back of a disappointing quarterly earnings report. The plummeting share pricefor the first three months of 2023—a year-on-year decline of 24%.to boost demand for its vehicles—even in spite of the squeeze on margins.

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