Summary
Elon Musk’s net worth has dropped by $110.8 billion since its peak in December 2024, largely due to Tesla’s stock decline following Donald Trump’s new tariffs on Canada, Mexico, and China.
However, his close ties to Trump and influence over government contracts, including Starlink deals, may help him recover.
Lazy articles like this drive me crazy. It’s not “largely due to tariffs.” It started before Trump was even in office! It’s because Musk’s brand is finally toxic enough that no one is buying Teslas anymore.
Sales are cratering everywhere. Australia down by over 70%. Europe and China down by 50%. US data seems to be somewhere between a 10-30% drop.