The recent stock market slump took a sizable chunk out of the net worth of the world’s richest man, Elon Musk, who doubles as the head of President Donald Trump’s chief of cost-cutting, as shares of Musk’s car company Tesla flounder.
Elon Musk at the Oval Office last month.
Musk’s net worth fell by $6.5 billion to $348.3 billion by 2 p.m. EST Tuesday, according to Forbes’ real-time estimates.
Musk’s fortune is now down $115.7 billion from its end-of-day record of $464 billion set Dec. 17, when Tesla stock closed at a record $480 per share.
But Tesla stock has struggled since then, trading at below $280 Tuesday, tracking toward its lowest closing share price since Election Day.
The Tesla slump came as the S&P 500 fell as much as 1.7% to a 2025 low as Trump’s tariffs on Canada, China and Mexico went into effect.
To put the $116 billion Musk lost in perspective, the 10th-richest person on the planet, former Microsoft CEO Steve Ballmer, is worth $116.5 billion total. Asia’s richest person, India’s Mukesh Ambani, has a $85.6 billion fortune.
Tesla is particularly sensitive to tariffs as China is the second-largest market for its electric vehicles and the company, like other American automakers, relies on imports from Canada to produce its cars. Tariffs “will have an impact on our business and profitability” considering Tesla is “still very reliant on parts from across the world for all our businesses,” Tesla’s chief financial officer Vaibhav Taneja warned in January.
10%. That’s how much Tesla shares were up from Election Day to Tuesday, a fraction of the 91% rally it enjoyed through Dec. 17. Tesla’s initial post-election surge came as Wall Street bet Musk’s near $300 million donation toward Trump and GOP election efforts would translate into a big win for Tesla, which would especially benefit from lighter regulation for its self-driving initiatives. Musk is still $83.3 billion richer than he was on Election Day, benefiting in part from higher valuations for his private companies SpaceX and xAI.