Elon Musk has seen a significant decrease in his net worth, losing $52 billion since the beginning of the year. Despite this, he remains the wealthiest person globally, according to the Bloomberg Billionaires Index.
Tesla’s stock dropped by 8% on Tuesday, continuing a month-long decline that has seen the stock fall more than 20%. As a result, Tesla’s market value fell below $1 trillion for the first time since November 2024.
Tesla’s sales have taken a major hit, dropping 45% last month in Europe, despite the increasing popularity of electric vehicles in the region. Although Musk is a divisive figure, it appears that his political views are not a major factor in the decline of Tesla’s sales. Rather, rising competition, particularly from China, and slowing demand in the U.S. are major contributors to the slump this year.
This downturn in Tesla’s stock marks a sharp contrast to the optimism of November 2024, shortly after Donald Trump won the U.S. presidential election. At that time, Musk’s wealth peaked at $347.8 billion, following a period of strong growth for Tesla. Investors believed that Musk’s ties to the Trump administration would lead to favorable deregulation for Tesla, resulting in significant financial gains. By the end of November, Musk’s wealth had increased by $83 billion.
Musk’s alliance with Trump raised his profile, positioning his ventures, including Tesla, SpaceX, and others like Neuralink, xAI, and the Boring Company, as key players. Musk also oversees the Department of Government Efficiency (DOGE), where he made controversial decisions, such as massive layoffs within federal agencies.
In the past week, Musk’s net worth dropped by $5.2 billion, but he remains the richest person in the world, with a net worth of $380 billion. He is $144 billion wealthier than Meta CEO Mark Zuckerberg, who holds the second spot on the global wealth list.
