Connect with us


Elon Musk loses $11.9bn, rules out new airport for Tesla



The world’s richest man, Elon Musk, has lost -4.27 percent of his wealth after the Chief Executive Officer of Tesla denied a report that he planned to build a private airport in the United States.

A report emerged on Thursday that the billionaire planned to construct a private airport around Central Texas to service personnel and operations of his firms; Tesla, The Boring Company, and SpaceX.

However, Musk, who reportedly owns acres of land in Central Texas, took to Twitter on Friday to deny the report, saying it would be silly to build another private airport when there’s an international airport close to Tesla.

He said: “Not true. Tesla is 5 minutes from Austin International Airport. It would be silly to build another private airport. However, the existing commercial airport needs another runway, as Austin is growing fast!”

READ ALSO: Elon Musk says Starlink to begin internet service in Nigeria next month

Ripples Nigeria gathered that following his comment, Tesla’s stock price fell by -5.82 percent during trading on the US stock exchange on Friday with the share value dropping by $53.86 to close at $872.04, down from $925.90 posted earlier.

The dip in Tesla’s share reduced Musk’s net worth, causing the billionaire to losing $11.9 billion from his total estimated wealth,

According to the Forbes Billionaire Index, Musk’s net worth dropped to $267.4 billion on Friday.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

a || (a = document.getElementsByTagName(“head”)[0] || document.getElementsByTagName(“body”)[0]);
a.parentNode.insertBefore(c, a);
})(document, window);
/* ]]> */