Elon Musk’s fortune, largely built on his electric vehicle maker Tesla, has taken a massive hit as the company’s stock price plummets. In November, Musk reportedly paid over $200 million to support Donald Trump’s re-election campaign, and after Trump’s inauguration, Musk took on a role in the Department of Government Efficiency (DOGE). This move sparked concerns about Musk’s ability to run Tesla while juggling his new responsibilities.
Tesla’s stock has lost 50% of its value since January 21, when Musk started working on DOGE. The company’s recent numbers have been soft, with revenue growing only 1% to $97.7 billion in the fourth quarter of 2024 and net income falling for the second straight year. Analysts have downgraded their global deliveries forecast for the first quarter of 2025, citing declining sales in key markets.
Protests against Tesla and Musk have erupted at dealerships across the US, adding to the company’s woes. Despite this, Musk remains optimistic about Tesla’s long-term prospects, stating that the company will “be fine.” However, with SpaceX now becoming his most valuable asset, Musk’s fortune has shifted towards other ventures. Forbes estimates that Musk’s stake in SpaceX is worth $147 billion, nearly $20 billion more than his Tesla stock and options.
Musk’s role as head of DOGE has raised concerns about the balance between his duties at Tesla and his new government position. The company’s pay package was voided by a Delaware court ruling last year, but Musk has launched an appeal. As a result, Forbes has discounted the underlying stock options from the pay package by 50%. Despite this setback, Musk remains the world’s richest person, with his net worth still estimated at $329 billion.
Source: https://www.forbes.com/sites/mattdurot/2025/03/18/tesla-is-no-longer-elon-musks-most-valuable-asset