Musk was worth $301 billion as of Monday evening, according to the Bloomberg Billionaires Index, which updated to reflect stock values as of market close. Musk’s net worth on Sunday was $330 billion, meaning it fell 6.7% on Monday.
The net worth drop was fueled by a decline in Tesla’s stock price. Tesla’s stock fell 15% on Monday, marking its biggest single-day decline since September 2020. The tech-heavy Nasdaq 100 was down 4% overall while the S&P 500 was down 3%.
Tesla stock is down 55% from its high in December. Musk’s net worth is down $132 billion, or more than 30%, this year, according to Bloomberg. Some Tesla investors are worried the billionaire CEO may be spending too much time in Washington, DC, and not enough focusing on the electric vehicle maker.
Musk has been working closely with President Donald Trump and the DOGE office as it seeks to make cuts to eliminate waste and fraud in the federal government, including by cutting spending and the federal workforce.
Credit: Business insider Africa