Ty Roush is a breaking news reporter based in New York City.

Elon Musk’s estimated net worth fell about $11 billion Thursday after Tesla’s share price dipped for the first time in over two weeks, with a sharp drop coming after a Bloomberg report was published saying the automaker decided to delay the launch of its robotaxi service.

The automaker added about $257 billion to its market cap over an 11-session rally.

KEY FACTS

Tesla’s stock fell by nearly 7% to just over $245 as of around 2:40 p.m., putting it on pace for its first day of losses since June 24 and its biggest plunge since at least March 4, when the share price fell by over 7%.

The value of Musk’s roughly 13% stake in the company declined to $176.8 billion from $188.2 billion when trading closed Wednesday, after the 11-session rally increased his stake’s value by about $56 billion.

Tesla will postpone the launch of its robotaxi from August to October because the company wants to rework the vehicle, unnamed people familiar with the decision told Bloomberg.

Tesla did not immediately respond to a request for comment.

FORBES VALUATION

Musk is the world’s wealthiest person with an estimated net worth of $247.3 billion, following a 4.25% dip Thursday. He holds a roughly $36 billion lead over Amazon founder Jeff Bezos, who is No. 2 in the world with an estimated net worth of $210.6 billion.

SURPRISING FACT

The 11-session rally is the longest streak of consecutive gains for Tesla since last May, when shares jumped by about 41% over 13 days. The most recent streak added about $257 billion to Tesla’s market cap.

KEY BACKGROUND

Musk announced the unveiling of Tesla’s robotaxi vehicle earlier this year, saying the largely unknown project would be unveiled on Aug. 8. Tesla’s chief executive introduced the idea of a robotaxi in 2016, referring to a “Tesla Network” of vehicles where owners could “add your car to the Tesla shared fleet” and generate income. During Tesla’s first-quarter earnings call earlier this year, Musk reportedly told investors the company planned to operate a fleet of millions of autonomous vehicles with software that had yet to be developed. Tesla’s stock declined 20% over the first six months of 2024 amid declining delivery totals, though the company’s stock is now up 6% after recovering from a year-to-date low in April.