Elon Musk's wealth drops by nearly $13 billion — the biggest slide this year — after Tesla's share prices slumped and SpaceX's Starship rocket exploded

Musk's net worth fell by $12.6 billion to $164 billion on Friday, per Bloomberg Billionaires Index.

That's after Tesla share prices slumped on a 24% on-year decline in profit.

His major companies — SpaceX, Tesla, and Twitter — have all experienced a turbulent week.

A turbulent week at SpaceX, Tesla, and Twitter saw about $12.6 billion being wiped off Elon Musk's net worth on Friday, the biggest decline so far this year, according to Bloomberg's Billionaires Index.

Tesla revenue growth from the past 10 years pic.twitter.com/nNCm7FZrII

— Teslaconomics (@Teslaconomics) October 19, 2023

Musk, who is worth $163.9 billion now, is still the second richest person in the world, after LVMH Moët Hennessy Louis Vuitton chairman and CEO Bernard Arnault who has amassed a $211 billion fortune. The two billionaires have been jostling for the top spot since Arnault overtook Musk last December.

The slide in Musk's net worth tops a chaotic week. On Thursday, SpaceX's Starship rocket exploded minutes after liftoff in its test flight, Tesla's share price took a hit after the company's earnings release, and Twitter's legacy verified users started seeing their blue check marks disappear from their accounts.

The development at Tesla most directly impacted Musk's net worth. Tesla's share price fell sharply on Thursday after the electric vehicle maker posted a 24% on-year slump in profit to $2.5 billion, in part, due to aggressive price cuts recently. Tesla's share price closed 9.8% lower at $162.99 on Thursday.

Bloomberg derives Musk's net worth from a 13% stake in publicly-traded Tesla, a 42% stake in the closely held SpaceX, and a 79% share in Twitter, a company he bought for $44 billion in 2022. He is the CEO of all three companies.

Tesla's share price was up 0.1% in after-hours trade. The stock is up 33% so far this year.

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