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Home / Business / Elon Musk's wealth slumps $20 billion after Tesla Inc's shares tumble

Elon Musk’s fortune slumped $20.3 billion Thursday after Tesla Inc. warned it may have to keep cutting the prices of its electric vehicles, sending shares tumbling.

The drop in net worth to $234.4 billion is the seventh-largest decline ever among those in the Bloomberg Billionaires Index, and further narrows the wealth gap between Musk and Bernard Arnault, the world’s two richest people. Musk’s fortune still exceeds that of Arnault, chairman of luxury goods maker LVMH, by about $33 billion.