Elon Musk's fortune has taken a staggering $111 billion hit, yet he remains the world's richest person, surpassing Bill Gates’ entire net worth. Tesla’s stock price has plummeted more than 40% from its peak as economic uncertainty and President Donald Trump’s new trade tariffs weigh heavily on the market.
Musk’s net worth dropped by $1.5 billion in a single day, bringing his total fortune down to $353.2 billion, according to Forbes’ real-time estimates. This marks a sharp decline from its December 17 peak of $464 billion when Tesla stock closed at a record $480 per share.
The electric vehicle giant has since struggled, with shares dipping below $280, approaching their lowest level since Election Day. The broader S&P 500 also fell by 1.7% to a 2025 low, as Trump’s tariffs on Canada, China, and Mexico took effect.
To put Musk’s loss into perspective, Microsoft co-founder Bill Gates' entire net worth stands at $108.1 billion, meaning Musk has lost more than Gates is worth. Asia’s richest man, Mukesh Ambani, has a fortune of $85.6 billion, which is still lower than Musk’s recent decline.
Tesla has been particularly affected by trade restrictions, given China is its second-largest market and the company relies on Canadian imports for production. Tesla’s CFO Vaibhav Taneja previously warned that tariffs would impact profitability since the automaker remains heavily dependent on global supply chains.
Despite the downturn, Musk’s fortune is still up by $83.3 billion compared to Election Day, largely due to increased valuations of SpaceX and xAI, his privately held companies.
While Tesla continues to struggle, Musk remains the world’s most influential billionaire, with his financial power and political ties keeping him in the spotlight.
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