Elon Musk, the CEO of Tesla Inc.
What Happened: Musk's net worth dipped below $300 billion on Monday, a level not seen since last year. The Bloomberg Billionaires Index indicated that Musk's wealth was $298 billion at Monday's market close. His net worth has shrunk by nearly $135 billion, or 31%, since the beginning of the year.
Musk's net worth last exceeded $400 billion in December, making him the first person to achieve this feat. His wealth hadn't gone below $300 billion since November. The decline in Musk's wealth is primarily due to Tesla's falling share price, which has declined almost 40% in 2025. Musk and Tesla have been under intense scrutiny due to Musk's advisory role to President Donald Trump, especially in the administration's push for government efficiency through the DOGE office.
Why It Matters: The recently announced tariffs by the Trump administration, which have rattled financial markets, also impacted Musk and Tesla's wealth. Despite his allegiance to Trump, Musk has publicly expressed his opposition to these tariffs. The billionaire even criticized Trump advisor Peter Navarro over his tariff decisions.
The imposition of new tariffs by President Trump, including a 10% charge on all imported goods and a 25% levy on foreign automobiles, led to a 10% plunge in Tesla's stock on Friday, erasing $11 billion from Musk's net worth. Since the declaration of tariffs on Apr 2 the Tesla CEO has lost nearly 10.5% of his net worth.
Furthermore, the tariff turmoil sent shockwaves through global markets, causing the fortunes of other billionaires besides Elon Musk, like Amazon.com, Inc.'s
Over the past 5 days, Tesla stock has lost 11.5%, but over the past month, the shares climbed 5%.
