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Elon Musk lost about $16 billion on Wednesday as Tesla shares tanked, but he remains the world’s richest man, with an estimated net worth of $232 billion, according to Forbes.
At the start of the day, Musk was worth almost a quarter-trillion dollars, with an estimated $249 billion net worth.
The Tesla and SpaceX founder is still about $30 billion richer than the world’s second richest person, Amazon founder Jeff Bezos, Forbes said.
Tesla stock sunk more than 11% Wednesday after the company’s second-quarter earnings missed expectations. On Tuesday, the company reported a 45% decline in profits, with a net income of $1.5 billion for the April to June quarter, down from $2.7 billion a year earlier. Revenue, however, was up 2% compared to the previous year.
Electric vehicle sales are continuing to grow, but at a slower pace than in the past. Telsa is also facing stiffer competition from its rivals, with many more EVs now on the market.
“There have been quite a few competing electric vehicles that have entered the market and mostly, they have not done well, but they have discounted their EVs quite substantially, which has made it more a bit difficult for Tesla,” Musk said on a call with analysts Tuesday. He described the issue as a short-term problem.
Additional reporting by William Gavin.