When it rains, it pours. No one knows that better than Tesla CEO Elon Musk, having lost $768 million last week. And guess what? This dip in his net worth all happened within a day.
As you may very well know, Musk takes great pride in the inventions Tesla comes up with. You might even say that he is a little too proud where they are concerned, but that’s a story for another day.
Point here is, he had ensured that the world was aware of the company’s Cybertruck months before it was even near completion. Being a Tesla project, it was no secret that the truck would be an electric vehicle. So, why was the vehicle generating so much buzz?
Well, Musk had assured the world that the Cybertruck would be bulletproof, and the day to prove it, November 21, finally came. Everything was going quite well, with Musk insisting that his latest machine would survive a 9mm hail of bullets.
Things unraveled when the CEO asked his design chief to throw a metal ball at the truck’s window to demonstrate just how durable they were. Guess what? The windows broke! Franz von Holzhausen, the design chief, plunged the metal ball towards the truck twice, and the window broke at either instance.
It must have been embarrassing, don’t you think? How much momentum is in a bullet fired from a 9mm? Whatever it is, a metal ball thrown from a man’s hand can never match that speed or kinetic energy. This, as such, begs the question – how can a supposedly bullet-proof window be broken just by thrusting a metal ball towards it?
To try and salvage the situation, Musk told his audience that at least the metal ball did not go through, which according to him, was the point he was driving home. Unfortunately, they didn’t buy it, and neither did the entire business community.
Soon as this fateful incident on the Cybertruck unveiling happened, Tesla’s stock to a hit, plummeting by 6%. With a significant portion of the company’s CEO wealth tied to its stock, the plummeting share price meant that Musk’s net worth would be affected, hence the $768 million loss.
Internet Field Day
And by the way, the internet has been having a field day with this Cybertruck. The online community, especially Twitter, has ridiculed its design, with most people agreeing that it looks more of a vehicle you’d see in a cartoon or video game rather than in real life.
Of course, memes are the order of the day when something is at the butt of a joke. Sara Boutall, a Twitter user whose handle is @sara_bout says that the Cybertruck’s meme potential is one of the best things about it, this being the caption to a “woman yelling at cat” meme that she uploads. Lots of other similar memes exist, and to find them you just have to make a quick search on whatever online platform you’re on.
If you’ve been keeping up with Elon Musk and by extension Tesla, then you’re in the know that this isn’t the first time that the company has taken a hit due to the CEO’s antics. Last year, Musk lit a marijuana joint and smoked it while on a live interview, plunging Tesla’s stock price 6% down as well.