Elon Musk’s net worth took a significant hit, falling by $1.5 billion to $353.2 billion, due to Tesla’s struggling stock price. This marks a decrease of $110.8 billion from its record high set on December 17. The slump comes as the S&P 500 fell 1.7% and tariffs on Canada, China, and Mexico went into effect.
Tesla is particularly vulnerable to tariffs, given its reliance on imports from Canada for car production. Elon Musk’s company has warned that tariffs will impact its business and profitability. Despite this, Tesla shares were up 11% since Election Day, but the recent decline marks a sharp correction from their initial post-election surge.
Musk remains one of the wealthiest individuals in the world, with an estimated $83.3 billion more than his net worth on Election Day. However, his fortune is now down $85.6 billion from that of Asia’s richest person, Mukesh Ambani, and Bill Gates’ net worth. The recent market downturn has taken a toll on Musk’s wealth, but it remains to be seen how Tesla will recover in the coming days.
Source: https://www.forbes.com.au/news/billionaires/elon-musk-is-111-billion-poorer-than-his-peak