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Elon Musk’s Net worth drops by 6 percent in a single day after the Cybertruck fiasco

With the unveiling of the latest electric vehicle by Tesla on Thursday, 21st November 2019, The net worth of Mr. Elon Musk had dropped at a very high rate in just one day. This was after Tesla’s chief designer had easily smashed the windows of Tesla’s cyber truck while he was attempting to show the durability of the windows. Tesla’s share price had plummeted 6%, which brought the net worth of Mr. Elon Musk down by $768m. It does not affect the tech entrepreneur Mr. Musk who is still the 41st richest person in the world, as he still has a total worth of around $23.6bn. Clearly, the experiment has been extremely expensive for his company as the very next day, the share price of Tesla plummeted.

Mr. Elon Musk had reportedly said that “It is 100 percent bulletproof to a 9mm handgun.” He said this a few minutes before the chief of design at Tesla, Mr. Franz von Holzhausen, went to demonstrate it, by launching a small ball made of metal at the supposedly shatterproof driver side windows, that too twice. He was showing that the windows could break if a man threw a ball at them. The design chief of Tesla tested the truck. But before he did, the people were allowed to batter the panels of the doors of the truck which were made from the same alloys that have been used in spacecraft. They did this using a sledgehammer, to the minimal effect.

The immediate reaction of Mr. Elon Musk after the glass had shattered in the first and the second go was that “Well, maybe that was a little too hard. It didn’t go through, so that’s a plus and there is more room for improvement though.”

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Seven years earlier, Mr. Musk had tweeted his  wish to build a “Tesla super truck with amazing torque, dynamic air suspension” that “corners like it’s on rails.” He had unveiled his Tesla Cybertruck to his motoring fans in Los Angeles, California.

Mr. Elon Musk had described this truck as a “really futuristic-like cyberpunk, Blade Runner pickup truck.” But, there has not been a good reaction to the design of the truck with some people calling it a cartoonishly large truck with video-game-like features.

Although this is not the first time that the share price of Tesla had tumbled. The company’s shares had seen a similar hit of 6 percent last year when Mr. Elon Musk had smoked marijuana on a live web show. At the time, he was also under investigation by the U.S. Securities and Exchange Commission because he had tweeted that he had “secured” fundings that will help take Tesla private.

The Tesla owner had also claimed that his design team had tested the stunt successfully before the launch of the truck and the windows didn’t shatter before. It was expected that the super truck will live up to the hype but it clearly didn’t.

The tech billionaire had later shared the footage on his Twitter panel in which Mr von Holzhausen was demonstrating the test which had failed right before the launch.

The tagline of the Cyber truck read “Better utility than a truck with stronger performance than a sports car”. The people were shown footage of the cyber truck in which the truck was outpacing a Porsche 911.

Before the fiasco, Mr. Elon Musk had told the audience in Los Angeles that had come to see the window test that “You want a truck that’s really tough, and not fake tough. He further added, “You want a truck you can take a sledgehammer to, a truck that won’t scratch, and doesn’t dent.”

Also read:- The Mahindra Alturas G4 SUV has been launched in India in two variants

image source-ScreenGeek, Maxim

 

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