Trump's tariffs hit Musk, wealth falls below $300 billion - Bloomberg
Billionaire Elon Musk (photo: Getty Images)
Elon Musk's net worth has dropped below $300 billion for the first time since November, as US President Donald Trump's tariffs have impacted, among other things, his close associates, reports Bloomberg.
On Monday, after Tesla's stock continued to decline, Musk lost $4.4 billion. According to the Bloomberg Billionaires Index, the entrepreneur's net worth dropped to $297.8 billion. This followed a loss of $31 billion on Thursday and Friday of the previous week. Since the beginning of 2025, the well-known entrepreneur has already lost $134.7 billion.
Musk ranked as the sixth-largest loser on the Bloomberg 500 list of the world's richest people (experiencing the sixth-largest losses among all billionaires on Monday). Overall, the index dropped by $271 billion, marking the third worst day in its history.
Bloomberg added that Musk's wealth decline is a continuation of his turnaround. Specifically, Tesla's stock surged sharply after Trump's election, boosting the billionaire's fortune to record heights. Since then, Musk's role as a senior advisor to the US president has made Tesla a target for protests and vandalism both domestically and internationally.
"The billionaire CEO’s polarizing behavior and social media activity are alienating would-be buyers and leading owners of Tesla cars to distance themselves from his politics and the company’s damaged brand," Bloomberg added.
Overall, the company's stock has fallen by more than 50% since its record high in mid-December.
Musk brothers are against Trump's tariffs
Over the weekend, Elon Musk expressed hope for a zero-tariff system between the US and Europe, effectively creating a free trade zone. His brother, Kimbal, criticized Trump's tariffs yesterday, calling them a structural, permanent tax on the American consumer.
Kimbal Musk, a member of Tesla's board of directors, wrote on social media platform X that even if he succeeded in bringing jobs back home through tariff taxes, prices would remain high, and the consumption tax would persist in the form of higher prices because they were simply not that good at manufacturing everything.
It's important to note that yesterday, European Commission President Ursula von der Leyen announced that Europe is ready to negotiate with the US regarding tariffs. In particular, the European Union proposed to Washington the establishment of mutual zero tariffs on industrial goods to avoid a trade war.
