Elon Musk's Net Worth Takes a Hit as Tesla Stock Plunges and Investors Raise Concerns

Elon Musk's Net Worth Takes a Hit as Tesla Stock Plunges

Elon Musk's net worth took a significant hit on Monday as Tesla's stock price plummeted. The billionaire CEO's wealth dropped by $29 billion, marking a 6.7% decline from his previous net worth of $330 billion.

The decline was primarily driven by a 15% drop in Tesla's stock price, its biggest single-day decline since September 2020. This drop aligns with the broader market downturn, with the tech-heavy Nasdaq 100 falling 4% and the S&P 500 dropping 3%.

Tesla's stock has experienced a significant decline from its peak in December, currently sitting 55% lower. Consequently, Musk's net worth has shrunk by $132 billion, or over 30%, this year.

Some investors are concerned that Musk's involvement in government efficiency efforts might be distracting him from his primary role as CEO of Tesla. Musk has been working closely with the Trump administration on the DOGE office, which aims to eliminate waste and fraud in the federal government.

While Musk claims it's been challenging to juggle his business responsibilities with government work, he remains committed to his efforts to eliminate waste and fraud, believing he is "doing the right thing."

However, Tesla facilities have recently been targeted in attacks, including gunshots and vandalism, which some believe could be motivated by Musk's political and government work.