Elon Musk’s Net Worth Drops Significantly After Introducing Electric Tesla Cybertruck - Report

© REUTERS / TeslaThe Cybertruck, Tesla's first electric pickup truck, is seen in this undated handout picture released by the company
The Cybertruck, Tesla's first electric pickup truck, is seen in this undated handout picture released by the company - Sputnik International
On Thursday, Elon Musk revealed the long-awaited Tesla Cybertruck, the company’s first pickup truck. During the Los Angeles launch event, Musk said that production of the strikingly angular electric vehicle will start in 2021 or late 2022.

The net worth of Tesla’s founder and CEO, Elon Musk, took a $768 million hit after the debut of the company’s first all-electric pickup truck earlier this week, according to Forbes magazine.

Tesla’s shares dropped 6 percent after the market closed on Friday, decreasing Musk’s net worth from $24.3 billion to $23.6 billion in a single day, following the introduction of the new electric vehicle.

One reason behind the drop in the company's shares was, according to Forbes, the introduction of the Cybertruck, which has not, according to some, inspired confidence in the brand.

During the demonstration, Musk noted that the windows of the vehicle are made of armoured glass and invited Tesla’s chief designer, Franz von Holzhausen, to test their durability in front of the audience by throwing a metal ball at it. The window cracked when Holzhausen hit it, leaving the audience bemused.

During the Cybertruck's debut, the maverick engineer and entrepreneur presented three models of the electric truck, constructed of an ultra-hard stainless steel alloy used by Musk's rocket company SpaceX. The versions differ from each other in their options, range, and other specs.

"We need sustainable energy now. If we don't have a pickup truck, we can't solve it. The top 3 selling vehicles in America are pickup trucks. To solve sustainable energy, we have to have a pickup truck", Musk told the audience during the launch event.

The price range for Tesla's newest brainchild go from $39,000 to $69,000, although Musk previously warned that the new Cybertruck is “not going to be for everyone”, comparing the ground-breaking new electric consumer vehicle with a futuristic cyberpunk vehicle or a dystopian armoured personnel carrier.

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