Elon Musk, Tesla and SpaceX CEO’s wealth has taken a fresh beating. And this time, the hit runs deeper than just a dip in stock prices—it’s about politics, perception, and power.
The Tesla CEO is no stranger to rockiness, but dropping below $300 billion in net worth for the first time in months is a turning point, especially as global markets continue to shudder under the weight of President Trump’s latest trade war.
On Monday alone, Elon Musk saw $4.4 billion wiped from his fortune as Tesla shares slid further. That’s not even the worst of it—he’s lost $134.7 billion since the start of the year. The Bloomberg Billionaires Index now places him at $297.8 billion.
This sudden fall is beyond market jitters. It’s political. Musk’s growing presence inside the Trump administration, especially in his role as a senior adviser and head of the Department of Government Efficiency (DOGE), has dragged him into a storm. On paper, his closeness to Trump should have insulated him. Instead, it’s made him a lightning rod.
Tesla, once the darling of Wall Street and a badge of clean energy progress, is increasingly caught in the crossfire. The company’s stock has nosedived over 50% from its December peak.
Many investors aren’t shy about what’s pushing them away—Musk’s polarising behaviour and outspoken political views. One Bloomberg report didn’t mince words: “The billionaire CEO’s polarizing behaviour and social media activity are alienating would-be buyers and leading owners of Tesla cars to distance themselves from his politics and the company’s damaged brand.”
That damage isn’t theoretical. It’s showing up on balance sheets and in public sentiment. Protesters have begun targeting Tesla showrooms. Vandalism incidents have picked up. And all this comes as Musk juggles multiple roles, leaving even supporters wondering where his priorities lie.
When asked by Fox Business how he manages his various hats, including advising Trump while running Tesla, SpaceX, and more, Musk didn’t sugar-coat it: “With great difficulty.”
The tariffs, however, have added a sharper edge. Trump’s latest wave of protectionist policies—especially the proposed 50% tariff on Chinese imports—have rattled markets and angered many in the tech and auto sectors.
Elon Musk, despite backing Trump publicly on some fronts, has made it clear he’s not on board with the trade agenda. Over the weekend, he shared his ideal scenario: “Zero tariffs and a free trade zone between the US and Europe.”
His brother, Kimbal Musk, didn’t hold back either. On X (formerly Twitter), he posted: “Even if tariffs bring jobs back, prices will stay high. It’s a structural, permanent tax on the American consumer.”
The ripple effect has been harsh. Global stock markets went into a tailspin. The Bloomberg index tracking the world’s richest individuals dropped by $271 billion in one day—its third-worst performance in history. Musk ranked sixth in terms of losses on Monday alone.
Tesla wasn’t the only company bleeding, but its connection to a political firestorm made the damage more public and symbolic.
Meanwhile, the European Union is already placing itself to de-escalate. EU Commission President Ursula von der Leyen showed openness to a mutual tariff freeze on industrial goods to avoid further escalation.
But that may come too late for Musk. The political gamble of standing close to power is looking more costly by the day. Despite holding on to his title as the world’s richest man—for now—his cushion is thinning.
Jeff Bezos, second on the list, still trails by over $100 billion, but the gap is closing faster than expected.
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