Due to a double-digit decline in the price of Tesla Inc.’s shares, Elon Musk’s net worth dropped below $400 billion for the first time in two months. After reaching an all-time high in mid-December,
The automaker’s stock has dropped 27% on expectations that Musk’s closeness to President Donald Trump would improve the company’s performance.
According to the Bloomberg Billionaires Index, Musk’s fortune, which peaked at $486.4 billion on December 17 after Trump’s victory, is composed of more than 60% Tesla shares and options.
After announcing poor monthly sales, Tesla’s stock fell 11% last week, its lowest since early October. Due to rivalry from regional competitor BYD Co., China’s sales dropped 11.5% from a year ago,
While Germany’s deliveries slumped 59% to their lowest levels since 2021. In New York trade, the shares fell 3% to $350.73 on Monday, marking the fourth consecutive day of declines.
The 53-year-old entrepreneur has focused much of his energy on Washington since inauguration day, and his political rebirth was a big factor in the post-election surge in Tesla shares.
