Musk Takes Massive Hit as Tesla Shares Plummet
As Tesla Inc.'s stock continues its downward slide, company chairman and presidential adviser Elon Musk is seeing his fortune shrink significantly.
According to Forbes, which tracks billionaire wealth in real-time, the 53-year-old’s net worth stood at $342.4 billion by the close of business on Thursday—down a staggering $121.2 billion from its record high of $464 billion set on December 17. Despite the sharp decline, Musk remains the world’s richest person.
Bloomberg’s Billionaires Index offers a similar assessment, estimating Musk’s fortune at $330 billion as of Friday, when Tesla shares dropped even further. The stock has fallen 35% since the start of the year.
Protests and Political Fallout
Beyond financial losses, Musk is also facing public backlash. Tesla showrooms, factories, and vehicles have become rallying points for Americans frustrated with his role in President Donald Trump’s administration, where he leads the “Department of Government Efficiency.” Many critics argue his unelected influence is shaping policy in ways that weaken government oversight.
Protesters have also taken aim at Musk for his sway over the presidential election and the increasingly right-wing direction of X, the social media platform he acquired in 2022, formerly known as Twitter.
Market Turbulence and Economic Concerns
Tesla’s struggles are unfolding against a backdrop of broader market volatility. Investors have been rattled by growing fears of a trade war and declining consumer spending.
While the S&P 500 managed a slight uptick on Friday, it remains about 2% lower for the year, reflecting broader economic concerns.
Musk Still on Top
Despite his recent losses, Musk’s wealth remains unmatched. He is still more than $100 billion ahead of the world’s second-richest person, Mark Zuckerberg—a reminder that, even after a historic drop, his financial empire remains formidable.