Elon Musk, the CEO of Tesla and SpaceX, has had a tumultuous 24 hours. Tesla's first-quarter results fell short of investor expectations, leading to a 9.75% drop in the company's shares and a $12.6 billion drop in Musk's net worth. This represents his largest decline in net worth this year. Although his stake in Tesla is the largest contributor to his $163.9 billion fortune, SpaceX's valuation has been rising rapidly, making it an increasingly important part of Musk's portfolio. Despite his recent losses, Musk remains the world's second-richest person, behind French luxury tycoon Bernard Arnault.
Musk's fortune has rebounded by $26.8 billion this year thanks to Tesla's 32% gain. However, the recent disappointment in the company's first-quarter results has left Musk uncertain about profitability levels. When asked about the company's target profitability margin, Musk admitted that "it's difficult to say what the margin will be."
Meanwhile, SpaceX experienced a less-than-successful rocket launch. The Starship rocket, which was designed experimentally, took off in Boca Chica, Texas, only to explode four minutes later in a fiery ball above the Gulf of Mexico. Despite this setback, Musk congratulated his team and expressed optimism about the progress they're making in the program.
On social media, Musk also made headlines by following through on his promise to remove the verified blue checkmarks from Twitter users who choose not to pay a monthly fee. Many users lost their checkmarks as a result. Additionally, Musk replied to a tweet about April 20, a day known as an unofficial pot holiday, saying that it was "shaping up to be quite the day!"
Overall, Musk continues to be a major force in the business world, with his wealth fluctuating but ultimately remaining at record levels.