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Elon Musk’s wealth has plunged $121 billion since its December peak after Tesla stock experienced one of its worst days this year, Forbes reported.
The Tesla CEO on Thursday lost $8.8 billion in the stock bath, bringing his net worth down to $342 billion, according to calculations by Forbes. Musk was worth $464 billion less than three months ago on December 17, according to the magazine.
Tesla stock fell as the S&P 550 tumbled 1.78 percent Thursday, a day after President Donald Trump imposed tariffs on Canada, China and Mexico, spooking investors.
Musk’s wealth largely stems from his company holdings.
Tesla stock surged following Trump’s election in November. In December, the stock hit $479 a share. It was trading at $261 in Thursday’s after-hours market. China is the company’s second-largest consumer market.
Similar to other American automakers, Tesla relies on Canada for imported parts to manufacture its vehicles. Even the company’s Chief Financial Officer Vaibhav Taneja warned investors in January about the harmful impact tariffs would have on operations.
Shareholders expected the election would bring good news for Tesla. Musk had made a $300 million contribution toward Trump’s campaign and other GOP efforts. But the stock market has experienced a series of red days since Trump began threatening tariffs, imposing them and then reversing course. Economists claim the uncertainty is also creating a market meltdown.
Musk still remains $78 billion richer than he was on election day, due to his other companies, SpaceX and xAI.
And he’s still the richest man in the world. Musk would need to lose another $116 billion to drop his net worth below Meta CEO Mark Zuckerberg’s. Zuckerberg, with estimated assets of $226.7 billion, is currently the second-richest man in the world.
Besides being dinged by a falling stock market also rattled by growing unemployment numbers (which Musk is contributing to), Tesla’s brand has also suffered since Musk became a “special government employee” to the Department of Government Efficiency, slashing thousands of federal government jobs.
Teslas and their drivers are becoming targets of attacks because of Musk’s increasing unpopularity, prompting owners to sell their vehicles. Across Europe, sales are down 71 percent in Germany, 45 percent in Norway, 44 percent in France and 44 percent in Spain, according to Electrek.
A Tesla Cybertruck in New Orleans recently needed a police escort to leave the city’s Mardi Gras parade.
Earlier this week, Tesla power stations in Massachusetts were set ablaze and a French showroom ignited, damaging 12 cars. Police in both areas suspect the fires were set intentionally.
