This decline was set in motion after Tesla shares fell over 5% on Wednesday following the company’s Investor Day in Texas. Musk’s master plan reportedly failed to impress as it did not reveal any new details of a cost-efficient electric vehicle.

Musk has for years teased the world with his dream of an affordable electric car. Expanding into the mass market is critical to meeting Tesla’s goal to increase vehicle deliveries to 20 million by 2030. The low-priced car was expected to be the centrepiece of Musk’s ‘Master Plan Part Three’. However, the four-hour presentation was long on Musk’s vision to build the next phase of Tesla’s growth around a sustainable energy future by moving into products like heat pumps, but short on any detail of new vehicles — especially a cheaper EV like the $25,000 model flagged more than two years ago.

The electric carmaker’s stock is up 65% this year due to increased demand after huge slashing of its prices.

Also read: Tesla to build new electric car factory worth over $5 billion in this country

On Tuesday, Musk had climbed to the top of the ranks after his $187 billion fortune surpassed that of luxury brand Louis Vuitton CEO Arnault. This was driven by a 100 per cent surge in Tesla stock, boosted by rise in investor demand and customer interest in its recently discounted car models, according to Bloomberg.

In 2022, however, Musk’s wealth nosedived by $200 billion, reported to be the biggest ever loss of wealth in recent history. The Tesla share plunge was led by a weak economy, Covid-19 aftermath in China and Musk’s controversial Twitter takeover.