Market Analysis

Market Analysis
Economic Calendar
Newsflash

Open Account

Elon Musk’s Wealth Drops Below $300 Billion as Tesla Struggles and Tariffs Hit

Mellissa · 08 Apr5.7K Views

Image Credit: Business Insider

Elon Musk's net worth fell below $300 billion on Monday for the first time since last year, as the effects of recent Tesla challenges and new tariffs took their toll. According to the Bloomberg Billionaires Index, Musk’s wealth stood at $298 billion by the end of the market day. Since the start of the year, his fortune has dropped nearly $135 billion, or approximately 31%.

This marks a sharp decline for the billionaire, who in December became the first person ever to exceed a net worth of $400 billion. Prior to Monday, Musk's wealth had not fallen below $300 billion since November, when it was recorded at $264 billion. The drop in Musk’s fortune is largely attributed to Tesla's plummeting stock price, which has fallen nearly 40% this year.

The backlash against Musk and Tesla has been significant, partly due to his role as a close advisor to President Donald Trump, particularly in relation to the Trump administration's push for government efficiency through the DOGE office. Many Tesla investors and supporters have voiced concerns over Musk's divided attention between his various ventures. When asked last month about managing his DOGE work alongside his leadership of Tesla and SpaceX, Musk admitted, "With great difficulty."

Despite rumors suggesting that Musk was planning to leave the White House, both he and the Trump administration dismissed these claims, without offering any specifics on when he might step down.

Musk’s financial decline has also been exacerbated by the sweeping tariffs introduced by the Trump administration, which caused turbulence in financial markets. Musk, who has largely supported Trump, has spoken out against these tariffs. Over the weekend, he expressed his desire for "zero" tariffs and a "free trade zone" between the U.S. and Europe, and on Monday, he shared a video featuring economist Milton Friedman discussing the advantages of international trade.

Despite these setbacks, Musk's losses don't threaten his position as the world's richest person—Jeff Bezos, the second-richest individual, remains more than $100 billion behind him as of Monday.