Billionaire Elon Musk experienced a massive financial setback, losing $29 billion in a single day, after a sharp decline in Tesla’s stock.
A $29 Billion drop in Elon Musk’s net worth shocks financial markets
On April 10, Elon Musk’s net worth plummeted by $29 billion.
While, a dramatic drop caused by a 15% fall in Tesla’s stock price.
The collapse wiped out more than the GDP of many small nations in just 24 hours.
The impact rippled across Wall Street, sparking investor panic, widespread media attention, and viral social media reactions.
Despite his immense wealth, this incident proves that Musk’s fortune is deeply intertwined with Tesla’s performance. When the stock stumbles, so does his net worth.
Several factors contributed to the sharp decline in Tesla’s stock price
Tesla’s sharp stock decline didn’t come out of nowhere. A combination of factors created a perfect storm:
Economic turbulence across global markets raised investor fears.
Additionally, a shift away from high-growth tech stocks led to widespread sell-offs.
Intensifying competition in the EV market, especially from Chinese automakers, added pressure.
However, many also believe that Musk’s recent political involvement in his role as a leader in DOGE added fuel to the fire and contributed to the decline in Tesla’s stock price.
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His involvement with the newly formed Department of Government Efficiency (DOGE) sparked public backlash.
Critics questioned his motivations, accusing him of politicizing his influence.
This combination of political controversy and financial uncertainty likely accelerated Tesla’s fall, deepening the blow to Musk’s net worth.
Elon Musk responds to the $29 billion loss and addresses public scrutiny
Musk is known for his resilience, but this time, the pressure showed.
In an interview with Fox Business, Musk seemed unusually candid, admitting that managing multiple ventures—Tesla, SpaceX, X (formerly Twitter), and his political endeavors—is “challenging.”
“With great difficulty,” he said when asked how he balances it all.
Despite the significant hit, Elon Musk reamains the richest person alive.
Even after the massive $29 billion hit, Elon Musk’s net worth still stands at $301 billion. However, the incident underscores just how volatile his wealth has become—a consequence of his deep ties to Tesla’s stock valuation.
Tesla’s meteoric rise over the past decade made Musk a household name and financial titan. But that same success now exposes him to dramatic fluctuations, with each market hiccup threatening billions of dollars.
Previously, Elon Musk spent the weekend begging Trump to cancel tariffs
According to a bombshell report from “The Washington Post”, Elon Musk spent the weekend desperately urging Donald Trump to reconsider his aggressive tariff agenda.
Musk was reported to have made his plea just days after Trump’s so-called ‘Liberation Day.’ as Tesla stock took a massive hit.
Trump made a major policy announcement imposing up to 50% tariffs on imports from 60 countries
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The results were immediate and severe. While, markets across the U.S., Europe, and Asia went into freefall.
Musk is said to have made personal appeals to the president. However, as Elon Musk stepped down from the Department of Government Efficiency (DOGE), his plea was ignored by Trump
Despite Musk’s lobbying, Trump refused to budge.
