ELON Musk was spotted looking down in the dumps on Thursday morning after shockingly losing $18 billion of his net worth.

The Tesla CEO was photographed in Los Angeles, California, on January 25 after spending a night at a luxury hotel.

A somber Musk wore a plain black long-sleeve shirt and pants as he walked the streets of the City of Angels.

He stuck his tongue to the inside of his cheek, looking seemingly upset.

The melancholy appearance may have something to do with the Tesla CEO losing some of his assets.

Musk took a $18.8 billion hit to his net worth on Thursday, according to Forbes.

The loss comes after Tesla’s stock sank 13.2% to 180.38.

However, Musk continues to remain the world’s richest person with an estimated net worth of $203.6 billion.

The news comes just one day after Tesla announced its vehicle production growth rate is projected to drop in 2024.

Tesla’s announcement follows the company’s stocks plummeting after the EV giant’s reported Q4 earnings missed estimates.

A press release shared on Wednesday stated that the company’s “vehicle volume growth rate may be notably lower than the growth rate achieved in 2023.”

This indicates that the company would not reach estimates of 2.19 million for 2024, per Yahoo Business.

The company also announced that revenue for Q4 was $25.17 billion, compared to an estimated $25.87 billion.

While Tesla’s vehicle production growth rate is projected to decrease in 2024, Musk noted that the company is set to start production on a next-gen vehicle in the second half of 2025.

“We are focused on bringing the next-generation platform to market as quickly as we can, with the plan to start production at Gigafactory Texas.

“This platform will revolutionize how vehicles are manufactured,” Tesla said on an earnings call, per Yahoo Business.

“We’re very far along on our next-gen low-cost vehicle; we’re really excited about this.

“This is a revolutionary manufacturing system, far more advanced than any other in the world,” Musk said on the call.