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Elon Musk net worth falls further behind world’s new richest person

Ministério Das Comunicações, CC BY 2.0 , via Wikimedia Commons

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Earlier this month, Elon Musk lost his title as the world’s wealthiest person by net worth. But amidst the continued decline of Tesla stock, the gap between Musk and Bernard Arnault, the chairman of LVMH Moet Hennessy Louis Vuitton, has only gotten more prominent. 

A significant driver behind the decline in Musk’s net worth is the massive drop in Tesla stock this year, which was pushed in no small part by his turbulent acquisition of social media company Twitter, which he bought for $44 billion. Back in April, before a Twitter securities filing revealed that Musk had made a hostile bid worth $43.4 billion, Tesla’s shares were trading at $340.79. Since then, TSLA has fallen by more than 50% and is currently trading at around $160 per share. 

Further declines in Tesla’s share price at the start of the week led to more losses for Musk’s net worth. In the Bloomberg Billionaires Index, Musk is currently listed with an estimated net worth of $164 billion, a decline of $107 billion for the year. In comparison, Arnault is currently listed in the index with a net worth of $171 billion, $7 billion more than the Tesla, SpaceX, and Twitter CEO. 

In a statement, CFRA analyst Garrett Nelson noted that the drops in Tesla stock do not really seem to be due to the company itself. “The company just can’t catch a break in terms of investor sentiment. There’s a growing recognition that the sooner Elon Musk assumes a chairman role at Twitter and appoints someone to take over the day-to-day operations, the better off TSLA investors will be,” Nelson said. 

Wedbush analyst Dan Ives noted that the drop in Tesla shares is due to Twitter. “Musk has gone from a superhero (for) Tesla’s stock to a villain in the eyes of the Street as the overhang grows with each tweet. The Twitter circus show has hurt the Musk brand and it’s a major overhang on Tesla’s stock. Musk is Tesla and Tesla is Musk,” Ives said. 

The decline of Musk’s net worth has been quite unfortunate, especially since Tesla has been doing progressively well during the past years. This culminated last October when Tesla’s market capitalization reached $1 trillion for the first time. This also made Elon Musk the first person to be worth $300 billion or more. 

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Investor's Corner

Elon Musk drops a Thanksgiving hint about Starship’s biggest test yet

Elon Musk says Starship Flight 15 will try to catch the ship itself, a first.

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Elon Musk says SpaceX’s next Starship flight will try something nobody has done before, by catching the ship itself. Speaking to roughly 2,000 people at the X Takeover event at Giga Texas on Saturday, Musk said Flight 15 is about four to six weeks away and “probably launches a little bit before Thanksgiving, is my guess.”

That is a slip from earlier reporting, which had pointed to a launch as early as October 19. Musk explained why the date keeps moving. “We’re making a bunch of improvements to the rocket between every flight,” he said, adding that there are often hundreds, sometimes thousands, of small changes. This time the list is short, “but some of them take a fair bit of work and we’ve got to go inside the tank to make some of these changes.”

“We’re going to try to catch the ship, which is a super big deal,” Musk said. “If we do so, that’ll be the first time that there’s been full recovery of an orbital class rocket.” SpaceX has already caught the Super Heavy booster with the tower’s mechanical arms, and has talked about catching the ship since late 2025, but the upper stage has never been caught.

Musk also laid out what comes after. “The next big milestone would be to refly both the booster and the ship,” he said, describing a Flight 16 where “all parts of an orbital rocket are reflown.”

The reason SpaceX wants this comes down to cost and cadence. Every Starship ship so far has ended its flight in the ocean, and SpaceX expects most of those water landings to end in fireballs. A ship that returns to Starbase intact can be inspected and flown again. SpaceX’s IPO filing, says Starship V3 is designed to deliver 100 metric tons to orbit in a fully reusable configuration, that SpaceX aims to cut the cost to reach orbit by 99% or more versus the historical average, and that tower catches should allow “multiple launches per day.”

The payoff goes beyond cheaper launches. The next generation Starlink V3 satellites are too large for Falcon 9 and can only fly on Starship, which can carry up to 60 per flight. Flight 14 on September 28 deployed the first 26 of them after Starship reached orbit despite an early engine shutdown, as Teslarati reported. Musk blamed engine computer software, and said the heat shield “was extremely robust,” which he claimed in August had solved Starship’s biggest challenge.

NASA’s Moon plans depend on the same capability. NASA’s inspector general has described a lander mission that needs a propellant depot in low Earth orbit and more than 10 tanker flights, with SpaceX targeting one tanker launch every six days. That schedule only works if ships and boosters come back fast and fly again. Also, ship to ship propellant transfer has not been attempted yet.

One interesting hurdle yet to be explored is bringing the ship back to the launch site, with reentry over land, which will undoubtedly come with a lot of aviation safety reviews.

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Lifestyle

Tesla’s mirrorless Cybercab will give riders a visibility upgrade

Tesla engineer confirms Cybercab update letting riders pull up rear and repeater cameras on demand.

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Tesla Cybercab camera visibility for passengers (Credit: Dan Burkland via X)
Tesla Cybercab camera visibility for passengers (Credit: Dan Burkland via X)

Tesla is working on a Cybercab update that would let passengers pull up the vehicle’s rear and side cameras on demand, and the request came straight from a rider.

The exchange played out on X late Friday. Cybercab rider Dan Burkland shared photos of the two-seater’s cabin screen after an evening ride, praised the UI team’s work, and left one request: let riders open the rear and repeater cameras whenever they want, “especially for peace of mind.” Tesla UI software engineer Evan (@CarCoder) answered with two words: “In development.”

The idea fits a pattern Teslarati has tracked since public rides began. Days after paid Cybercab service opened in Austin, Tesla sent riders a survey that asked them to rate the touchscreen, the app and the cabin, and to pick the features they wanted most. We reported on that survey in September, and a camera view is the kind of small software change Tesla can push quickly if riders keep asking.

It also speaks to something unique about the vehicle. With no steering wheel, no pedals and no driver, passengers have no mirror to check and no way to see behind them. The hardware is clearly built for camera awareness, from the repeater cameras to the rear camera. Letting a passenger look through those same cameras would give a nervous first time rider a way to confirm what is around the car.

The timing matters because the fleet is growing fast. Tesla’s Robotaxi account said on Saturday that more than 300 Cybercabs are now serving Austin, an eightfold increase in 30 days, and Tesla AI chief Ashok Elluswamy named Dallas as the next city. More cars and more cities mean more people riding in a driverless vehicle for the first time, which is exactly when small trust features carry weight.

For now, the feature is confirmed only as in development. If Tesla follows its usual pattern with Cybercab software, riders could see it appear in a point release without any announcement, and Teslarati will watch for it.

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Tesla’s Cybercab fleet jumped 8x in a month, with Dallas up next

Tesla confirms its first official Cybercab fleet number as Austin scales fast and Dallas looms.

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Tesla says more than 300 Cybercabs are now serving Austin, the first time the company has put an official number on its active Cybercab fleet. The figure came from the Robotaxi account on X on Saturday, which wrote that one month after launch the service had “scaled to 300+ Cybercabs serving Austin – an 8x increase in 30 days.”

Ashok Elluswamy, Tesla’s head of AI software, quoted the post with a line that carried the bigger news. “Two years since the 10/10 Cybercab WeRobot event, the cabs are everywhere in Austin now. Dallas soon,” he wrote. It is the first time Tesla has named the next city for public Cybercab rides.

Tesla opened Cybercab rides to the public in Austin on September 4, as Teslarati reported, a day after an invite only launch event. The ramp since then has been steep. Our September 28 report had the fleet at well over 100 units after availability jumped from 58 to 125 in a single week. On Thursday, Tesla added 150 Cybercabs to the Texas automated vehicle registry, lifting its registered count to 319 from 169. The first seven appeared on the registry on August 31.

RobotaxiTracker, a community site that counts vehicles from sightings and state records, listed 275 vehicles in unsupervised service in Austin on Saturday, 105 of them Cybercabs, which is well below Tesla’s figure. Tracker counts can lag official numbers, though Sawyer Merritt noted that Cybercab wait times in Austin stayed short on Saturday evening even with more than 2,000 fans in town for X Takeover.

Regulators are watching the rollout. NHTSA opened an audit query into Tesla’s certification that the Cybercab meets federal safety standards, and sworn answers are due October 30. Tesla reports third quarter earnings on October 21, which gives the company a natural venue to define its fleet numbers and put a date on Dallas.

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