Elon Musk, the world’s richest man, reportedly lost approximately $20 billion in net worth after Tesla shares declined following the unveiling of the company’s next-generation Roadster, an ambitious electric sports car featuring rocket-style thrusters capable of lifting it briefly into the air.

According to the supplied report citing Forbes’ real-time billionaire rankings, Musk’s fortune fell by 2.11 per cent to approximately $925 billion on Friday, October 16, 2026, marking the largest single-day wealth decline globally.

The drop followed a high-profile demonstration of the futuristic vehicle that attracted widespread attention but failed to reverse the recent weakness in Tesla’s stock price.

Tesla shares reportedly fell 1.3 per cent on Thursday and continued to decline in subsequent trading. The stock was down approximately 4.9 per cent over five days and 17 per cent year-to-date. SpaceX shares also reportedly declined by 2.3 per cent.

The market reaction came after Musk presented the new Roadster during a livestreamed demonstration on Thursday night, October 15, at a SpaceX test facility in McGregor, Texas.

The demonstration featured a series of dramatic manoeuvres intended to showcase the vehicle’s unusual engineering capabilities. The driverless, two-seater sports car reportedly climbed a steep, curved ramp, inverted itself in mid-air and landed using cold-gas thrusters.

In another sequence, the vehicle launched over a line of cars before performing what was described as a mid-air “kickflip” and returning safely to the ground.

Musk described the vehicle as a “flying car”, presenting it as the product of a collaboration between what he called the world’s leading car and rocket companies.

According to the report, the Roadster uses 10 nozzles powered by ultra-high-pressure air tanks to provide aerial propulsion and rapid acceleration on the ground. Tesla also claimed the vehicle could accelerate from zero to 60 miles per hour (96 kilometres per hour) in less than one second.

Tesla reportedly plans to begin production in 2028 and is accepting reservations for several versions of the vehicle, including a Performance model, a Thrust variant equipped with acceleration thrusters and an invite-only Rocket edition featuring a more advanced flight system.

The Rocket edition’s reported flight capabilities would distinguish it from conventional road vehicles, although the system is not approved for public-road use, according to the supplied report.

The announcement has generated debate among analysts about whether the Roadster could become a commercially significant product or primarily serve as a demonstration of Tesla’s technological ambitions.

Gene Munster of Deepwater Asset Management reportedly described the demonstration as an engineering showcase with little commercial value beyond challenging traditional carmakers.

Morningstar analyst Seth Goldstein, meanwhile, viewed the Roadster as Tesla’s new “halo car” — a high-profile vehicle designed to strengthen the brand’s image and demonstrate its engineering capabilities rather than generate large sales volumes.

The original Tesla Roadster, produced between 2008 and 2012, was the company’s first production electric vehicle. It helped establish Tesla’s reputation by demonstrating that an electric car could deliver sports-car performance.

Since then, the company has expanded into higher-volume electric vehicles while increasingly emphasising autonomous driving technology, artificial intelligence and robotics.

However, the latest Roadster unveiling comes as investors remain concerned about Tesla’s profitability, its growth prospects and the commercial viability of some of its more ambitious projects.

The company’s upcoming third-quarter earnings report is expected to draw particular attention as investors assess its financial performance and the outlook for its core electric vehicle business.

Despite the spectacle surrounding the new Roadster, the reported decline in Tesla shares suggests that the demonstration has yet to persuade investors that the vehicle will significantly improve the company’s near-term financial outlook.

For Musk, whose fortune is closely tied to the valuations of Tesla and his other business interests, movements in those companies’ shares can translate into substantial changes in his estimated net worth.

Author

Shola Akinyele

View all posts

Comments

Follow

Elon Musk, the world’s richest man, reportedly lost approximately $20 billion in net worth after Tesla shares declined following the unveiling of the company’s next-generation Roadster, an ambitious electric sports car featuring rocket-style thrusters capable of lifting it briefly into the air.

According to the supplied report citing Forbes’ real-time billionaire rankings, Musk’s fortune fell by 2.11 per cent to approximately $925 billion on Friday, October 16, 2026, marking the largest single-day wealth decline globally.

The drop followed a high-profile demonstration of the futuristic vehicle that attracted widespread attention but failed to reverse the recent weakness in Tesla’s stock price.

Tesla shares reportedly fell 1.3 per cent on Thursday and continued to decline in subsequent trading. The stock was down approximately 4.9 per cent over five days and 17 per cent year-to-date. SpaceX shares also reportedly declined by 2.3 per cent.

The market reaction came after Musk presented the new Roadster during a livestreamed demonstration on Thursday night, October 15, at a SpaceX test facility in McGregor, Texas.

The demonstration featured a series of dramatic manoeuvres intended to showcase the vehicle’s unusual engineering capabilities. The driverless, two-seater sports car reportedly climbed a steep, curved ramp, inverted itself in mid-air and landed using cold-gas thrusters.

In another sequence, the vehicle launched over a line of cars before performing what was described as a mid-air “kickflip” and returning safely to the ground.

Musk described the vehicle as a “flying car”, presenting it as the product of a collaboration between what he called the world’s leading car and rocket companies.

According to the report, the Roadster uses 10 nozzles powered by ultra-high-pressure air tanks to provide aerial propulsion and rapid acceleration on the ground. Tesla also claimed the vehicle could accelerate from zero to 60 miles per hour (96 kilometres per hour) in less than one second.

Tesla reportedly plans to begin production in 2028 and is accepting reservations for several versions of the vehicle, including a Performance model, a Thrust variant equipped with acceleration thrusters and an invite-only Rocket edition featuring a more advanced flight system.

The Rocket edition’s reported flight capabilities would distinguish it from conventional road vehicles, although the system is not approved for public-road use, according to the supplied report.

The announcement has generated debate among analysts about whether the Roadster could become a commercially significant product or primarily serve as a demonstration of Tesla’s technological ambitions.

Gene Munster of Deepwater Asset Management reportedly described the demonstration as an engineering showcase with little commercial value beyond challenging traditional carmakers.

Morningstar analyst Seth Goldstein, meanwhile, viewed the Roadster as Tesla’s new “halo car” — a high-profile vehicle designed to strengthen the brand’s image and demonstrate its engineering capabilities rather than generate large sales volumes.

The original Tesla Roadster, produced between 2008 and 2012, was the company’s first production electric vehicle. It helped establish Tesla’s reputation by demonstrating that an electric car could deliver sports-car performance.

Since then, the company has expanded into higher-volume electric vehicles while increasingly emphasising autonomous driving technology, artificial intelligence and robotics.

However, the latest Roadster unveiling comes as investors remain concerned about Tesla’s profitability, its growth prospects and the commercial viability of some of its more ambitious projects.

The company’s upcoming third-quarter earnings report is expected to draw particular attention as investors assess its financial performance and the outlook for its core electric vehicle business.

Despite the spectacle surrounding the new Roadster, the reported decline in Tesla shares suggests that the demonstration has yet to persuade investors that the vehicle will significantly improve the company’s near-term financial outlook.

For Musk, whose fortune is closely tied to the valuations of Tesla and his other business interests, movements in those companies’ shares can translate into substantial changes in his estimated net worth.

Author

Comments

Leave a ReplyCancel reply

add TELL to your Homescreen!