Elon Musk’s Net Worth Falls $770 Million After Tesla Cybertruck Failure

Elon Musk’s Net Worth Falls $770 Million After Tesla Cybertruck Failure

The demonstration did little to inspire confidence in the Cybertruck, especially given its radical design. Tesla’s share price has dropped by 6% since the market close yesterday, pushing Musk’s net worth down by $768 million in a single day, to $23.6 billion. The 48-year-old founder is the 41st-richest person in the world. 

See Also: Tesla accidentally breaks window while demonstrating ‘‘bulletproof’’ Cybertruck

Wall Street analysts are highly divided on Tesla. Among a group of 35 tracked by Bloomberg, 12 have issued buy ratings for the stock, 9 have issued holds and 16 have issued sells. Across the board, analysts acknowledged the Cybertruck’s design is potentially polarizing. 

“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,” wrote Deutsche Bank analyst Emmanuel Rosner in a research note, maintaining a hold rating. Rosner questioned whether consumers would be turned off by the Cybertruck’s design and whether commercial buyers would trust its durability, noting “the shattering of the truck’s unbreakable glass windows during the live demonstration was not a good start.” 

Baird analyst Ben Kallo is more bullish, arguing that the Cybertruck’s advanced features will win over customers despite its unusual design. Kallo also dismissed the demonstration accident. “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,” he wrote. “Ultimately we view this as a funny footnote.”

Musk, whose pride—and pocketbook—took a hit, might not be laughing just yet.

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