Elon Musk’s net worth falls below $300 billion for the first time since November

Elon Musk’s political activity after Donald Trump came to power in the United States was enough in itself to seriously reduce the market capitalization of Tesla, the stock of which forms the basis of its leader’s wealth. The tariffs imposed by Trump have increased the pressure on the stock of this issuer, as a result of which Musk’s wealth fell below $300 billion for the first time since November.

Image source: X, Elon Musk

Recall that Trump’s election victory last fall inspired investors who believed that Musk, as one of the newly minted politicians close to Trump, would create more favorable conditions for his companies’ businesses – at least in the United States. After Trump took office as president in the second half of January, Musk was appointed head of the newly created Department of Government Efficiency (DOGE), and began to shamelessly cut government spending and the number of American officials.

The activity has caused anger even outside the U.S., as Musk has begun to meddle in European politics. As a result, Tesla’s stock price has fallen more than 42% since the start of the year, and Musk himself has lost about $137.7 billion, according to Bloomberg estimates. Tesla shares began the week down more than 2.5%, and taking into account the last two trading sessions of the past week, the CEO’s wealth has decreased by more than $35 billion in total. In fact, for the first time since November of last year, Elon Musk’s wealth has fallen below $300 billion, settling at $297.8 billion at the start of this week.

Musk was the sixth-largest loser in personal wealth on the Bloomberg 500 list of the world’s richest people, and the stock market turmoil triggered by Trump’s new tariffs has also affected other billionaires. In total, the world’s 500 richest people lost $271 billion on Monday alone, making it the third-largest day of wealth loss on record. Tesla shares hit an all-time high in mid-December but have since fallen more than 50%.

At the same time, Musk tried to influence the situation with tariffs, which is not entirely favorable for Tesla. He proposed that the US and Europe conclude an agreement on duty-free trade in goods. Musk’s brother Kimbal, who is a member of the Tesla board of directors, yesterday criticized the new tariffs, calling them “a permanent tax on American consumers” expressed in higher prices. According to the relative of the richest man in the world, the US is not so good at providing itself with all the necessary goods to avoid the negative impact of increased customs duties. Against this background, the creation of new jobs in the US will not be able to compensate for the impact of tariffs on the country’s economy.