Allen musk
American businessman Elon Musk’s company Tesla’s shares declined on Thursday. Tesla’s shares broke over eight per cent to around $ 303. It has also affected Musk’s net worth, which has reduced $ 12 billion. The US government has decided to abolish the exemption in the purchase of electric vehicles. For this reason, it is affecting companies making other electric vehicles including Tesla.
Alan Musk had already warned that his company Tesla may face difficulties in the coming time, as the federal electric vehicle tax credit would end soon.
Impact of second quarter report
On Wednesday, Tesla released the second quarter report. According to the report, the automaker company has recorded the biggest decline in the revenue of a quarter in the last decade. The closure of the credit for electric cars has also been affected by the company and Tesla has recorded a loss of about $ 600 million in Revenue. Investors have withdrawn money from Tesla due to low revenue of the company. Due to this, the company’s shares have declined drastically.
Now how much is the property of Musk
Alan Musk holds close to 12 per cent in Tesla. Musk’s net worth has also decreased due to the company’s shares falling. Earlier his net worth was $ 36.3 billion, which has now reduced $ 12.2 billion to $ 124.1 billion. When asked about the possible impact of President Donald Trump’s policy bill, Musk said that some quarters could be difficult for his company. In Trump’s Policy Bill, a tax exemption of $ 7,500 on purchasing a new electric vehicle has been abolished. This rule is going to be effective after 30 September. The effect of this has been seen in Tesla’s quarterly results.
Musk is still the richest person in the world
According to Forbes, Alan Musk has a total assets of $ 414.9 billion. In this sense, he is the richest person in the world. However, his company may be challenging for Tesla to a few months. This year Tesla’s shares have fallen by more than 12%.
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