Elon Musk’s net worth has been hit significantly after losing more than $100 billion due to Tesla stock plummeting.
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Forbes reported earlier this week that Tesla stock prices dropped by more than 15% on Monday, Mar. 10, which is their lowest share since Oct. 23, 2024. The drop was roughly $127 billion and was considered one of the biggest losses on Wall Street.
Multiple media outlets before the drop is the investors’ response to President Donald Trump’s tariffs.
Tesla stock dropped more than 53% from its all-time high, which was set in December 2024. At that time, prices took off due to the policies the Trump Administration hinted at for the electric vehicle company.
Due to the Tesla stock dip, Elon Musk’s net worth dropped from $464 billion to $319.6 billion.
However, it’s not a complete loss. Musk, who is the company’s largest shareholder, is still worth approximately $110 billion more than any other person on the planet.
Meanwhile, President Trump responded to the Tesla stock drop by announcing his support for Elon Musk and the electric vehicle company. He declared that he would purchase one of the vehicles to combat the Democrats who have been “illegally boycotting” the company.
The world leader had Musk bring five Tesla vehicles to the White House. Although he stated that he would buy a vehicle, President Trump currently does not have a license to drive the vehicle he is planning to purchase.
Elon Musk Reacts to Tesla Stock Drop
While speaking to Fox Business, Elon Musk was seemingly optimistic despite Tesla stock struggles.
“But look on the bright side!” Musk said. “Always look on the bright side of life!”
However, when asked how he is running his other business, Musk replied, “With great difficulty. Yeah, I mean, I’m just here trying to make government more efficient, eliminate waste and frauds nd so far we’re making good progress actually.”
He then claimed, “Our savings at this point exceed $4 billion a day. So, it’s very significant.”