World's richest man Elon Musk posts biggest wealth loss globally after ‘flying car’ demo

Elon Musk, the world's richest man, experienced a significant decline in his wealth last Thursday. His fortune decreased by 2.11% to $925 billion following a demonstration of his latest creation: the Tesla Roadster, a prototype of a "flying car." The automaker's stock experienced a drop of 1.3%, with a more substantial decline of 4.9% over the past five days, and a year-to-date loss of 17%. SpaceX's shares also suffered a 2.3% drop, marking an 8% decrease year-to-date.

The Tesla Roadster, described as the world's fastest production car, can accelerate from zero to 60 miles per hour in less than a second. Powered by ten nozzles and ultra-high-pressure air tanks, the two-seater vehicle operates without a driver and has been tested with impressive maneuvers, including climbing a steep ramp, hanging upside down, and flipping in the air before landing with air jets.

Musk unveiled the Roadster, emphasizing that it represents the culmination of collaboration between Tesla, known for its electric vehicles, and SpaceX, a world-renowned rocket company. However, the unveiling came at a time when Tesla is shifting its focus towards self-driving technology and robotics, and just days before crucial third-quarter results that investors are closely monitoring.

Gene Munster, a managing partner at Tesla investor Deepwater Asset Management, commented on the event, stating that the Tesla Roadster serves as a showpiece car after years of missed deadlines for its release. He noted that the car lacks commercial value beyond potentially embarrassing traditional car manufacturers. Analyst Seth Goldstein from Morningstar described the Roadster as Tesla's new halo car, highlighting its potential to change the perception of electric vehicles.

The original Tesla Roadster, released in 2008, was the company's first electric vehicle and played a significant role in altering the public's perception of what an EV could be. Since then, Tesla has gained recognition for its SUV models, including the Model Y and Model X, and the sedan models, Model S and Model 3.