The 2020 Satellite Conference will be held in Washington, DC.
It has been a shaky start to the year for Musk.
President Joe Biden was snubbed at a White House forum for electric vehicles, and the billionaire insulted him on the social network. Despite posting record profits on Wednesday, the electric car-maker's stock plummeted on Thursday, cutting Musk's fortune in half. He is still the richest person in the world.
The drop came after the company warned shareholders in its earnings call that supply chain issues may hamper growth this year. On January 3, the day before the market close, the company was trading at over $1,200 a share.
Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022, the company said in a shareholder deck.
The year started strong for Musk. His fortune increased to $304 billion in January after the company delivered more than 936,000 cars. Since then, the stock price of the company has plummeted, making him $80 billion poorer in less than a month.
It's rare that a billionaire gets 10% of his fortune wiped out in a day, and still remains the richest person in the world. In November, Musk became the first person in history to cross the $300 billion threshold, after his company's shares closed at a record $1,208. He's worth $188.6 billion more than Bernard Arnault and Jeff Bezos. Last year alone, Musk added $116 billion to his net worth, the biggest one-year gain Forbes has ever tracked.
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