Elon Musk loses $29 billion in a day amid Tesla stock slump
Elon Musk's net worth dropped by a staggering $29 billion on March 10 as Tesla experienced its biggest stock decline in years.
According to the Bloomberg Billionaires Index, despite the sharp loss, Musk remained the world's richest person, with his net worth standing at $301 billion by the evening, News.Az reports, citing foreign media.
The net worth drop was fueled by a decline in Tesla's stock price. Tesla's stock fell 15% on Monday, marking its biggest single-day decline since September 2020. The tech-heavy Nasdaq 100 was down 4% overall while the S&P 500 was down 3%.
Tesla stock is down 55% from its high in December. Musk's net worth is down $132 billion, or over 30%, this year, according to Bloomberg.
Some Tesla investors are worried the billionaire CEO might be spending too much time in Washington, DC, and not enough focusing on the electric-vehicle maker.
Musk has been working closely with President Donald Trump and the DOGE office as it seeks to make cuts to eliminate waste and fraud in the federal government, including by cutting spending and the federal workforce.
Trump has said the Tesla and SpaceX CEO is leading the office, but the White House and the Justice Department have denied it, instead naming another official as the administrator of the DOGE office.
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