Elon Musk lost approximately 29 billion dollars in one day due to the drop in Tesla’s stock prices, according to data from Bloomberg’s Billionaire Index.
According to this information, Musk’s daily losses correspond to 6.7% of his fortune. Since the beginning of the year, the businessman has already lost 132 billion dollars (30.5% of all his assets).
Currently, his fortune is approximately 301 billion dollars. According to Yahoo Finance, the value of Tesla’s stocks dropped by 15.4% compared to the previous closing price, reaching 222.2 dollars per share.
As noted by American media, actions by the Department of Government Efficiency (DOGE), which Musk oversees, related to reducing the government apparatus and cutting budgetary expenses, have caused backlash against Tesla in America.
On March 7, The Independent reported that Musk’s fortune dropped by 8.8 billion dollars in one day after Tesla’s stock fell sharply. The company’s stocks fell after Donald Trump imposed new tariffs on products from Canada, where components are imported, and increased tariffs on products from China, Tesla’s second-largest market for electric vehicles. In December, stock prices reached 479 dollars but fell below 260 dollars in March.
As reported, if Musk loses another 116 billion dollars, he could lose his status as the richest person on the planet. The next richest person after Musk, Amazon founder Jeff Bezos, is valued at 216 billion dollars.
Meanwhile, Donald Trump once again expressed his confidence in Elon Musk, with the American president reacting on Truth Social after Tesla’s stock decline.
“I’ll buy a new Tesla tomorrow,” announced Donald Trump.
“For Republicans, conservatives, and all great Americans, Elon Musk is ‘taking risks’ to help our nation and is doing a FANTASTIC JOB! But the crazy radical left, as they often do, is trying to illegally boycott Tesla, one of the largest car manufacturers in the world, and Elon’s ‘baby,’ in order to attack and harm him and everything he represents,” said Trump.
In conclusion, Donald Trump wrote: “They tried to do it to me in the 2024 elections, but how did that turn out? Anyway, I’ll buy a brand-new Tesla tomorrow morning as a sign of trust and support for Elon Musk, a truly great American. Why should he be punished for using his infinite abilities to help make AMERICA GREAT again???”
