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Elon Musk experiences times of harsh setbacks

Elon Musk, the head of Tesla and SpaceX, has been shaken up once again! His fortune has taken a nosedive!

According to the Bloomberg Billionaires Index (BBI), Musk's net worth shrank by a staggering $29 billion after Tesla's stock price took a sudden and dramatic plunge. That is a hefty sum and a serious hit to his wallet.

The BBI reports show that in just one day, the billionaire lost 15.4% of his wealth due to Tesla's sharp stock decline. As a result, the leading automaker lost $29 billion.

Musk, however, is not suffering alone. On March 10, almost all of the world's top billionaires saw their fortunes dwindle amid a major sell-off in US markets. However, their losses pale in comparison to Tesla’s CEO. The report emphasizes that none of the top 20 billionaires lost more than $10 billion. In fact, Musk is still the world’s richest person, holding onto a net worth of $301 billion. Jeff Bezos follows him with $216 billion.

It is worth mentioning that the Tesla CEO is a vocal supporter of the US president. He funded Donald Trump’s election campaign and actively participated in his re-election efforts. Following the Republican’s victory in November, Tesla’s stock initially skyrocketed before plummeting 1.8 times from $403.84 to $222.15 per share. This month, the decline has only accelerated. At the end of last week, reports stated that Musk’s net worth had dropped by an eye-watering $111 billion in a single day.

This week, the stock market has been through a rollercoaster. Wall Street just wrapped up its worst trading session since the start of 2025. Experts add that the Nasdaq Composite tech index tumbled by 4%. The chaos was triggered by President Trump’s statement that the US economy is entering a transition period. Meanwhile, the president took to his social network, Truth Social, to promise that he would buy a Tesla to support Musk, who is "putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN."

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