Elon Musk Net Worth Plummets Amid Tesla Stock Decline
The decline in Tesla's stock price has wiped out $800bn from its market value, with Musk's net worth dropping by $8.8 billion to $342.8 billion, and the company's reliance on imports from Canada and other countries makes it vulnerable to tariffs imposed by the Trump administration, raising concerns about its future growth prospects.
Tesla's stock price has fallen by over 50% since December, wiping out $800bn from its market value, and Elon Musk's net worth has taken a significant hit, dropping by $8.8 billion to $342.8 billion. The decline in Tesla's stock price has been attributed to concerns over Musk's distraction from the company's operations and overvaluation, as well as his recent controversies and the company's poor growth prospects.
The decline in Tesla's stock price is the longest losing streak since the company's IPO 15 years ago, with Wall Street analysts downgrading the stock and a quarter of brokerages rating it a "strong sell". The company's core operations have also shown signs of misfiring, with operating profits down 23% in the last quarter and vehicle deliveries down year-over-year. Additionally, Musk's recent association with the Trump administration and his public antics have alienated customers, further contributing to the decline in the company's stock price.
Musk's other businesses have also faced challenges, including a series of outages on his social media platform X, formerly Twitter, which he attributed to a "massive cyberattack" with IP addresses originating in Ukraine. However, cybersecurity experts have questioned whether the outages were truly caused by a cyberattack, citing Musk's history of attributing technical issues to such attacks. The outages occurred on the same day that Tesla shares fell 15% in value, further exacerbating the decline in Musk's net worth.
Despite the significant decline in his net worth, Musk remains the richest person on Earth, leading Mark Zuckerberg by more than $120 billion. However, the decline in Tesla's stock price and Musk's net worth has raised concerns about the company's future prospects and the impact of Musk's distractions on its operations.
