Elon Musk, the CEO of Tesla, saw his net worth drop by $8.8 billion to $342.8 billion on Thursday due to the stock market volatility caused by President Donald Trump’s tariffs on Canada, China, and Mexico. Tesla shares plummeted 6% to close at a 45% low since its record high in December.
The company’s slump is largely attributed to the increased investor sentiment, which has been negatively impacted by Trump’s tariffs. Despite this, Musk remains the richest person in the world, with a net worth of over $342 billion, surpassing No. 2 Mark Zuckerberg by more than $120 billion.
The impact of Trump’s tariffs on Tesla cannot be overstated, as the company relies heavily on imports from Canada and China for its electric vehicles. The tariff increase will likely have an adverse effect on the company’s profitability and business operations.
Musk’s involvement with Trump’s administration has also raised concerns among investors, who are worried about potential complications in the US and European markets. As the head of the Department of Government Efficiency (DOGE), Musk plays a crucial role in shaping the country’s economic policies.
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Source: https://www.forbes.com/sites/dereksaul/2025/03/06/elon-musk-is-officially-121-billion-poorer-than-his-peak-as-tesla-stock-erases-most-all-of-its-election-rally