Elon Musk’s wealth dipped below $300 billion for the first time since last year.
According to Bloomberg’s Billionaire Index, Musk’s wealth fell to $298 billion on Monday.
This decline in Musk’s wealth follows a drop in Tesla’s stock price and recent tariff announcements from the White House.
So far this year, he has experienced a loss of $135 billion, as reported by the Bloomberg Billionaires Index.
On Monday, for the first time since the previous year, Musk’s wealth decreased below the $300 billion mark, primarily due to the backlash against Tesla and new sweeping tariffs.
At market close on Monday, Musk, the world’s richest man, was valued at $298 billion according to the Bloomberg Billionaires Index. Since the start of the year, his net worth has plummeted by nearly $135 billion, equating to about 31%, as per the Bloomberg Billionaires Index.
This marks a significant shift for the billionaire, who only last December was the first individual to surpass a net worth of $400 billion. Prior to this Monday, his wealth hadn’t dipped below $300 billion since November, when it was recorded at $264 billion on November 6, according to Bloomberg.
The decline in Musk’s wealth has been exacerbated by Tesla’s falling stock prices, with the electric vehicle manufacturer’s shares down nearly 40% this year.
Musk, who serves as a close advisor to President Donald Trump, has faced considerable backlash regarding his work in the White House, particularly concerning the administration’s efforts for government efficiency through the DOGE office. Many Tesla investors and supporters have voiced worries over Musk’s divided attention.
When Fox Business inquired last month about how he manages his commitments to DOGE and leads his companies, the CEOs of Tesla and SpaceX responded, “With great difficulty.”
Despite recent rumors about Musk possibly stepping away from his White House role, both he and the Trump administration have dismissed them, providing no timeline for any potential departure.
Musk’s wealth and Tesla may be further impacted by the new tariffs announced last week by the Trump administration, which have unsettled financial markets. Musk, who has generally remained loyal to Trump, has voiced his opposition to tariffs.
On Saturday, he expressed a desire for “zero” tariffs and advocated for a “free trade zone” between the US and Europe. On Monday, he shared a video featuring economist Milton Friedman discussing the advantages of international trade.
Despite these losses, Musk’s fortune doesn’t yet put him at risk of losing his title as the world’s richest person, as the runner-up Jeff Bezos was still trailing him by over $100 billion as of Monday.
