Tesla CEO Elon Musk‘s net worth has dipped below $300 billion for the first time since November, mainly because of the broad effect of tariffs imposed by President Donald Trump — even reaching those who are close to him.
On Monday, Musk lost $4.4 billion as Tesla shares fell further, lowering his net worth to $297.8 billion, based on the Bloomberg Billionaires Index. This came after a record $31 billion loss last Thursday and Friday. Musk has lost $134.7 billion of wealth so far this year.
Musk was the sixth-largest loser on Bloomberg‘s ranking of the world‘s 500 richest individuals on Monday. The index overall fell by $271 billion — the third-worst day in its history.
This is a dramatic about-face for Musk, whose fortunes skyrocketed when Trump was elected and Tesla stock surged. Now, however, Musk‘s prominent position as an adviser to Trump has come back to haunt him, with Tesla being the target of protests and vandalism in both the U.S. and around the world.
Musk‘s polarizing behavior and social media posts have also lost customers. Some Tesla owners are even disowning the brand due to its tarnished reputation and Musk‘s political inclinations.
Tesla‘s share price has fallen more than 50% since reaching an all-time high mid-December.
At the weekend, Musk was optimistic about a “zero-tariff“ trade deal between the U.S. and Europe that would in effect form a free-trade area. On Monday, his brother Kimbal Musk lambasted the tariffs as a perpetual drag on American consumers.
Kimbal, a board member of Tesla, explained that even with tariffs, prices will remain high even if manufacturing returns to the U.S. He explained that since the U.S. is not as efficient at making everything locally, consumers will continue to pay more.
