It’s been a rough stretch for your 401(k) – and an even rougher one if your name happens to be Elon Musk. The stock market stumbled again on Tuesday, with the S&P 500 dropping over 1%, taking Tesla down with it and trimming billions from Musk’s already shrinking fortune.
Before you start worrying, it looks like he’ll survive on the remaining billions!
How much value has Elon Musk lost?
This latest dip isn’t just another bad day for investors. It’s part of a broader pattern that’s been building since December, when Tesla hit its all-time high. Back then, shares closed at $480, giving Musk a record-setting net worth of $464 billion. That’s not even close to where things stand now.
On Tuesday, Tesla stock closed at $272 — its lowest since Election Day — and Musk’s net worth took a $7.1 billion hit, sinking to $347.7 billion, according to Forbes’ real-time tracker. That’s a loss of over $116 billion since Tesla’s peak, erasing nearly a quarter of Musk’s paper wealth in less than three months.
How much has Trump’s tariffs hurt Tesla and others?
Part of the trouble comes from Washington, where President Trump’s new tariffs on Canada, China, and Mexico officially kicked in this week. Markets aren’t thrilled, and for Tesla, the timing couldn’t be worse. China is Tesla’s second-largest market, and the company relies heavily on Canadian imports to build its cars.
Tesla’s chief financial officer, Vaibhav Taneja, didn’t sugarcoat it back in January, warning that tariffs “will have an impact on our business and profitability” because Tesla still depends on parts shipped in from around the world. That global supply chain doesn’t adapt overnight — and investors know it.
To be clear, Musk is still incredibly wealthy, with a net worth north of $347 billion. That’s about $83 billion higher than his pre-election tally, thanks in part to rising valuations for his private ventures like SpaceX and xAI.
But even for Musk, $116 billion isn’t the kind of money you misplace in a couch cushion.
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