Elon Musk: World’s Richest Man Loses $103 Billion Under President Trump
Elon Musk, the world’s richest man and a pivotal figure in President Donald Trump’s administration, saw his wealth dip by $103 billion.
Trump’s tariffs on imports from China, Mexico, and Canada caused market turbulence and sent Tesla’s stock sink to its lowest close since Election Day.
Musk’s net worth has decreased by $103 billion, to $330 billion today since Tesla’s record closing price of $480 per share on December 17.
Tesla’s stock, which has dropped roughly 36% since the year began as the company struggles with slowing sales, is largely responsible for Musk’s declining wealth. Approximately 60% of Musk’s wealth is derived from Tesla stock and options.
His other businesses provide the remaining portion of his wealth. When SpaceX was valued at $350 billion, making it the most valuable startup in the world, its wealth soared. His artificial intelligence startup, xAI, raised $6 billion in funding, increasing its valuation to $50 billion.
China is Tesla’s second-largest market, and the company relies on Canadian imports to produce its vehicles, so it is highly vulnerable to trade policies. Vaibhav Taneja, Tesla’s Chief Financial Officer, stated that tariffs would affect the company’s business and profitability, emphasizing its dependence on international supply chains.
Sales in Australia fell by nearly 72%. According to the California New Car Dealers Association, new car registrations in California, historically Tesla’s largest domestic market, dropped 11.6 percent last year. Some have blamed Musk’s close connections to the Trump administration for Tesla’s problems.
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