Elon Musk’s Fortune Plummets Over $100 Billion as Tesla Faces Stock Market Turmoil
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Elon Musk’s net worth has taken a staggering hit, dropping by more than $144 billion since December as Tesla stock suffered its worst decline in years.
On March 10, Tesla shares plunged over 15%, marking their lowest value since October 2023. The downturn, amounting to roughly $127 billion in lost market value, was one of the biggest single-day losses on Wall Street. At the time of publication, Musk’s net worth stood at $319.6 billion, according to Forbes.
The sharp decline follows mounting concerns over Musk’s political involvement. In addition to leading Tesla, the billionaire now serves as the head of the White House’s Department of Government Efficiency under President Trump, sparking debates over his divided attention. Experts suggest his close ties to politics, ongoing trade tensions, and international controversies have damaged Tesla’s reputation and investor confidence.
Musk, however, remains optimistic, responding on X with a simple statement: “It will be fine long-term.” Meanwhile, former President Trump pledged his support by announcing plans to purchase a Tesla, pushing back against growing calls to boycott the company.
As Tesla faces increased scrutiny, analysts urge Musk to refocus on his role as CEO. “Musk needs to step up at this critical juncture,” said Dan Ives of Wedbush, noting the billionaire’s absence from Tesla’s factories in recent months.
With Tesla’s stock price in flux and Musk juggling multiple ventures, the coming weeks could prove pivotal for the future of both the company and its CEO.