Elon Musk, the world’s richest man, has seen his net worth drop to approximately $110.8 billion after a stock market slump caused by US President Donald Trump’s announcement of tariffs on goods from Canada and Mexico, as well as China. The slump affected Tesla’s stock price, with shares closing at $272.04 on Tuesday, resulting in Musk losing $1.5 billion in one day.
Over the past 52 weeks, Tesla’s stock has ranged from $138.80 to $488.54 per share, with the latter high recorded on December 17, post-election. The recent decline marks a low since Trump was elected. Despite this, Musk has an opportunity to tap into potential windfalls, such as a Starlink deal with the FAA.
While his wealth may be decreasing, there is still hope for Musk’s coffers yet. His connection to Trump also offers him access to potentially lucrative business opportunities, which could help mitigate his losses.
Source: https://www.vanityfair.com/style/story/elon-musk-111-billion-poorer-tariffs-tesla-stock