Elon Musk’s net worth plummeted by $770 million (about €700 million) in a single day after an embarrassing mishap at the launch of Tesla’s new vehicle, the Cybertruck. The Tesla co-founder unveiled the all-electric battery-powered truck at an event in California on Thursday night.
One of the selling points of the vehicle is that is has “indestructible” windows. However, when a steel ball was thrown at one of the windows, it smashed, prompting Musk to swear. The stunt was attempted a second time and another window smashed. After the incident, and a series of lacklustre reviews of the truck, Tesla’s share price dropped 6.1%. Musk’s personal net worth decreased by $770 million in just one day, according to Forbes.
Some “important unanswered questions” hang over the vehicle, Deutsche Bank said, including whether the design was “too polarising” and whether it would be able to carry heavy loads without requiring customers to opt for higher-cost trims. “Will commercial buyers trust Tesla’s build quality?” Deutsche queried. While the materials used appear robust, there could be questions about the truck’s durability when used under work conditions, especially in light of its seemingly unibody construction. And the shattering of the truck’s unbreakable glass windows during the live demonstration was not a good start.
Forbes reported how the mess-up wiped three quarters of a million dollars (in just one day) from the Tesla founder and CEO after the company's share price dropped by six per cent. The loss might not do too much damage though, seemingly only making a dent to the 48-year-old's $23.6 billion fortune.
