Elon Musk’s Net Worth Plummets $768 Million After Cybertruck Unveiling
After Tesla’s shatter-proof Cybertruck windows shattered this week, so did Elon Musk’s net worth.
Earlier this week, Elon Musk unveiled his ‘bulletproof’ baby – a bizarre, electric hybrid of sorts. The tech CEO earlier described it as a ‘really futuristic-like cyberpunk, Blade Runner pickup truck’.
As he waltzed onto the stage to show off the vehicle’s armour capabilities, the ensuing presentation would have two direct repercussions: embarrassment and loss of wealth.
Check out the video of the Tesla Cybertruck unveiling below:
Musk asked the curious audience: ‘You want a truck that’s really tough? Not fake tough? You want a truck you can take a sledgehammer to, a truck that won’t scratch, doesn’t dent.’
Fittingly, lead designer Franz von Holzhausen then battered the car’s door with a sledgehammer – not a single mark. If only Musk left it there.
In order to test the shatter-proof windows on the Cybertruck, Musk asked the designer to throw metal balls at them. Unfortunately, it wasn’t a success – they were left with massive damage.
In response, Musk said while laughing: ‘Oh my f*cking god. Well, maybe that was a little too hard.’ Von Holzhausen chucked another ball at the other window, again shattering it. Musk then said: ‘Ah, not bad. Room for improvement. We’ll fix it in post.’
Following the presentation, Tesla’s share price has since dropped by 6%, as Forbes reports. This sent Musk’s net worth plummeting by $768 million in a single day, to a mere $23.6 billion.
Currently, the 48-year-old is the 41st richest person in the world. The Cybertruck has divided Wall Street gurus, with some concerned over its polarising design – as well as the botched unveiling.
Deutsche Bank analyst Emmanuel Rosner wrote in a research note:
We believe there are important unanswered questions to be able to assess potential buyer interest in the model, and whether or not this could attract commercial fleets or remain a consumer niche vehicle… the shattering of the truck’s unbreakable glass windows during the live demonstration was not a good start.
However, Baird analyst Ben Kallo insists the vehicle’s advanced features will be a winner with buyers, despite its strange design.
While this was unfortunate and provided some good meme fodder, ultimately we do not think the broken window is particularly significant and should not overshadow the rest of the unveiling. Ultimately we view this as a funny footnote.
I’m sure Musk is sitting at home in his Cybertruck, laughing the day away.
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