Musk's fortune shrank overnight by over 100 billion yuan

Global Network Technology Comprehensive ReportOn the evening of October 19th Beijing time, when the US stock market opened, Tesla's stock price suffered a sharp drop, with a drop of 9% during the session. Its CEO, Elon Musk, lost about $16 billion (approximately 117 billion yuan) overnight

Global Network Technology Comprehensive ReportOn the evening of October 19th Beijing time, when the US stock market opened, Tesla's stock price suffered a sharp drop, with a drop of 9% during the session. Its CEO, Elon Musk, lost about $16 billion (approximately 117 billion yuan) overnight.

On the 18th local time, Tesla had just delivered an unsatisfactory financial report. Under continuous price reduction measures, Tesla's third quarter revenue and profits fell short of expectations, and the market's closely watched profit margin fell again. In the third quarter, the company's gross profit margin fell below 18% and net profit decreased by 44%. Tesla attributed this to a high interest rate environment and insufficient utilization of new factories.

In the eyes of the outside world, the decline in Tesla's profit margin is mainly affected by its large-scale price cuts this year. However, Musk expressed his willingness to sacrifice profitability in exchange for sales.

Tesla will still strive to lower the prices of its cars, "Elon Musk said in a third quarter earnings conference call that he is concerned about the current high interest rate environment. People who buy cars focus on how much money they need to pay back every month. If interest rates remain high or even higher, it will be much more difficult for people to purchase cars.

Tesla is a very powerful ship, but in a storm, even the strongest ship can have trouble, "said Elon Musk.

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