World's richest man Elon Musk's net worth falls by Rs 124500 crore due to his latest...

Tesla recently held a much-anticipated event to showcase its new prototypes for the Cybercab and Robovan, two key components of its robotaxi fleet. However, the presentation did not meet the expectations of many investors and Wall Street analysts, leading to a significant decline in the company’s stock price. Following the event, Tesla’s shares dropped by over 9%, falling from $238.77 to $217.80 per share. This decline had a direct impact on CEO Elon Musk's net worth, which is closely linked to the value of Tesla stock, as he owns about 13% of the company.

According to the Bloomberg Billionaires Index, Musk's net worth plummeted by USD 15 billion after the stock drop, leaving him with a total of USD 240 billion. Despite this setback, he remains the richest person in the world. The decline in Tesla's stock is not new for Musk; he faced a similar financial hit in July when the company delayed its "We, Robot" event. At that time, Tesla shares also fell about 7%, but they had rebounded in September, restoring Musk's net worth to higher levels than some major corporations like McDonald's and Pepsi.

The recent robotaxi event was seen as a critical moment for Tesla, with high expectations surrounding the unveiling of its autonomous vehicles. However, many analysts expressed disappointment in the lack of detailed information about Tesla's plans for self-driving technology and the timeline for the widespread release of these vehicles. Adam Jonas, an analyst at Morgan Stanley, noted that the presentation left many questions unanswered. He emphasized that the event did not provide the substance or detail that investors had hoped for, which likely contributed to the stock's decline.

During the event, Musk announced that Tesla plans to launch its autonomous Cybercabs "before 2027," but no timeline was provided for the Robovan, which is designed to seat 20 passengers. Additionally, Tesla introduced the latest prototypes of its humanoid Optimus robots, which performed various tasks, such as dancing and pouring drinks, during the showcase. Musk described these robots as potentially "the biggest product ever, of any kind."

Despite the criticism, Musk took to social media to highlight positive feedback from some Tesla investors regarding the company’s vision for autonomous taxis. He shared a clip from Wedbush analyst Dan Ives, who praised Tesla's role in the ongoing technological revolution.

Overall, while the event was expected to be a pivotal moment for Tesla, it fell short of the excitement and clarity investors were seeking, leading to a notable decline in the company's stock and impacting Musk's wealth significantly.

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