Elon Musk’s net worth has taken a significant hit after Tesla’s stock price plummeted. As of Tuesday, Musk’s net worth fell to $347.7 billion, down from its record high of $464 billion set on December 17. The decline in Tesla’s stock price is attributed to the recent tariffs imposed by President Trump on Canada, China, and Mexico.
Tesla’s reliance on imports from these countries makes it particularly sensitive to tariffs, which could impact its business and profitability. According to Tesla’s chief financial officer Vaibhav Taneja, the company is “still very reliant on parts from across the world for all our businesses.” The recent slump in Tesla’s stock price has seen shares fall by 8% since Election Day, a far cry from the 91% rally they enjoyed before.
Despite this decline, Musk remains $83.3 billion wealthier than he was on Election Day, thanks to higher valuations of his private companies SpaceX and xAI. However, with his net worth now down $116.3 billion, Musk’s position as the world’s richest person is under threat.
Source: https://www.forbes.com/sites/dereksaul/2025/03/04/elon-musk-is-officially-116-billion-poorer-than-his-peak-as-tesla-stock-pulls-back-more-than-40