Musk loses $12.6bn in 24 hours after Starship implosion, Tesla's poor financial report and the cancellation of blue verification ticks on Twitter

American billionaire Elon Musk has not had the most pleasant 24 hours. His fortune has shrunk by almost $13bn for all the right reasons.

Here's What We Know

The day before, SpaceX launched Starship with a Super Heavy rocket into its first orbital flight. The system failed to reach orbit and exploded at an altitude of less than 40 km, making several somersaults in the air before doing so.

At the same time, Tesla's financial report showed a 24 per cent drop in profits compared to the first quarter of 2022. Profit margins fell below 20% and the company's shares fell 9.75% to $162.99 per security.

The third setback is that many previously verified Twitter accounts have lost their blue marks. This is due to account holders refusing to pay $8 a month for a Twitter Blue subscription.

Against this background, the fortune of Elon Musk decreased overnight by $12.6 billion. It is now estimated at $163.9 billion. Since the beginning of the year, the fortune of American billionaire increased by $26.8 billion due to the growth of Tesla shares by 32%.

Source: Bloomberg