As Tesla Inc.’s shares continue to decline, Elon Musk, the company’s chairman and a presidential adviser, is experiencing significant financial losses.
According to Forbes, which tracks billionaire wealth in real time, Musk’s net worth was estimated at 342.4billionasofThursday′smarketclose.Thismarksastaggeringdropof121.2 billion from his all-time high of $464 billion on December 17. Despite this decline, Musk remains the world’s richest person.
This estimate aligns with data from the Bloomberg Billionaires Index, which reported Musk’s wealth at $330 billion as of Friday’s market close, when Tesla’s stock fell even further. Tesla shares have plummeted by 35% since the beginning of the year.
As previously reported, Tesla’s vehicles, factories, and showrooms have become symbols of frustration for many Americans, who are critical of Musk’s role in reducing the size of the U.S. government through his unelected position in President Donald Trump’s “Department of Government Efficiency.” Additionally, Musk has faced backlash for his influence on the presidential campaign and the right-leaning bias of X, the social media platform formerly known as Twitter, which he acquired in 2022.
The broader stock market has also faced challenges in recent weeks, driven by investor concerns over an escalating trade war and a pullback in consumer spending. While the S&P 500 saw a slight uptick on Friday, it remains approximately 2% lower year-to-date.
Despite these losses, it’s worth noting that Musk’s financial position remains formidable. He is still over $100 billion wealthier than the world’s second-richest billionaire, Mark Zuckerberg.
