Elon Musk’s net worth has dropped by $121 billion since its December peak, mainly due to the decline of Tesla stock. The company’s CEO saw a loss of $8.8 billion in the stock market on Thursday, bringing his net worth down to $342 billion.
Tesla’s stock fell 1.78 percent after US President Donald Trump imposed tariffs on Canada, China, and Mexico, sparking investor concerns. Musk’s wealth is largely tied to Tesla’s performance, which has been hit hard by the tariffs. The company relies heavily on Canadian imports for its vehicles.
Despite this setback, Musk remains the richest person in the world, with an estimated net worth of $78 billion more than he had before the 2020 US presidential election. He would need to lose another $116 billion to surpass Meta CEO Mark Zuckerberg, who is currently the second-richest person globally.
Tesla’s brand has also faced challenges since Musk took on a role as a “special government employee” for the Department of Government Efficiency. The company’s sales have been affected in several European countries, with a 71 percent decline in Germany and similar drops in Norway, France, and Spain. This has led to an increase in vandalism targeting Teslas and their owners.
Musk still holds significant wealth through his other companies, SpaceX and xAI, but the decline of Tesla’s stock market has had a significant impact on his net worth.
Source: https://www.independent.co.uk/news/world/americas/elon-musk-assets-plummet-tesla-b2710627.html