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Elon musk's Fortune slumped by $16 billion on Thursday after Tesla's weak third quarter earnings weighed in on share prices now musk who is the richest person on the planet with a Fortune of $29.6 billion owes 13% shares of Tesla and derives the majority of his wealth from the auto company Tesla's sh sh fell by 99.3% after it missed both earnings as well as sales expectation for the quarter watch this reuter report to find out more shares of Tesla and other electric vehicle makers plummeted on Thursday a day after Tesla's CEO Elon Musk warned that high interest rates could sap consumer demand the world's most valuable automaker sank more than 9% and was set to lose lose about $70 billion in market value on a post earnings call Wednesday musk said he wanted more clarity on the economy before ramping up a planned Tesla Factory in Mexico his concerns High borrowing costs that could deter consumers and quote paycheck to paycheck pressures on American workers the comments marked a change in tone from musk who last year said his company was quote recession resilient the EV maker missed quarterly Revenue estimates by the most in more than 3 years despite Hefty price Cuts Tesla is not the only EV maker worried about demand General Motors this week said it would delay production by a year of its Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan Ford last week said it would temporarily cut one of three shifts at a plant that builds its F-150 Lightning pickup trucks the automaker in July already slowed its EV ramp up shifting investment to commercial vehicles and hybrids and EV startup Lucid reported a near 30% Plunge in third quarter production this week while Amazon backed rivan which makes electric pickup trucks and SUVs also disappointed investors this month when it shied away from Raising its FYE production forecast shares of lucid and rivan were down roughly 3 and 4% respectively in Thursday afternoon Trading

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