Elon Musk experienced a significant decrease in net worth, amounting to 25%, during Donald Trump's second term.
Elon Musk Loses Big Bucks 💸💸
Elon Musk's fortune has taken a hit, dropping by a whopping $113 billion according to reports. Bloomberg blames Musk's association with U.S. President Donald Trump and his new role as the head of DOGE for this decline. A poll by The Washington Post-ABC News-Ipsos shows that 57% of Americans are not pleased with Musk's decision.
Musk's actions have drawn criticism from the U.S. administration and Congress. He reportedly meets White House chief of staff Susan Rice several times a week to keep her informed of his activities. Despite this, Musk continues to hold his special government employee status.
Tesla, one of Musk's companies, has been carrying the brunt of this loss. Since the beginning of the year, its stock has dropped by 33%, resulting in a loss of $448.3 billion in market value since January 17. Tesla's net profit fell a staggering 71% in both the fourth quarter of 2024 and the first quarter of 2025. Musk expressed his intention to focus less on DOGE and work more at Tesla to turn things around.
Despite the declining trend since Trump's inauguration, Musk remains the wealthiest person globally, with a net worth of $335 billion, as per Bloomberg's Billionaire Index. Jeff Bezos and Mark Zuckerberg follow closely with net worths of $209 billion and $195 billion, respectively.
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📝 What's Going On: Elon Musk's wealth plunge is due to a combination of factors. The primary causes are drop-offs in Tesla stock price, reduced used car values, lower sales and earnings, and regulatory hurdles. These issues intensified pressure on Tesla's sales and profitability, leading to a massive decrease in Musk's net worth.
Musk's wealth decline serves as a cautionary tale for owning a substantial stake in a single company, especially when the industry is prone to political and regulatory changes. Other billionaires like Mark Zuckerberg have faced similar challenges but for different reasons, primarily policy changes impacting their tech businesses.
- Despite the recent decline in Elon Musk's net worth, he still remains the wealthiest person globally, worth approximately $335 billion according to Bloomberg's Billionaire Index.
- The news of Elon Musk losing $113 billion in fortune is linked to his association with U.S. President Donald Trump and his role as the head of DOGE, as reported by Bloomberg.
- The quarterly reports show a 71% drop in Tesla's net profit in both the fourth quarter of 2024 and the first quarter of 2025, contributing significantly to the decline in Musk's wealth.
- A poll by The Washington Post-ABC News-Ipsos shows that 57% of Americans are not pleased with Musk's decision to focus on DOGE, adding to the scrutiny he faces in the general-news arena.
- Musk's actions have attracted criticism in business and politics, with some advocating for increased regulation in his companies, particularly Tesla. This trend, although affecting Musk's wealth, may have important implications for the finance and business sectors.
