Elon Musk's net worth dropped $29 billion in one day as Tesla stock tanks

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signalmankenneth

Verified User
  • Elon Musk's net worth fell by $29 billion as Monday as Tesla's stock price also declined.:thumbsup:
  • Tesla's stock was down 15% as of close on Monday, while Musk's net worth was down 6.7%.
  • Musk said Monday it's been hard to run his businesses while working on government efficiency.
Elon Musk remained the wealthiest person in the world even after losing $29 billion on Monday alone.

Musk was worth $301 billion as of Monday evening, according to the Bloomberg Billionaires Index, which updated to reflect stock values as of market close. Musk's net worth as of Sunday was $330 billion, meaning it fell 6.7% on Monday.

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.

Musk said in an interview with Fox Business that aired Monday that it has not been easy to juggle leading his companies, like Tesla and SpaceX, while also working on government efficiency efforts.

When asked how he was doing both, Musk replied, "With great difficulty," followed by a long pause and a sigh.

Tesla facilities have also been the targets of several attacks, including gunshots and other acts of vandalism, that police have said could be motivated by Musk's politics and government work.(y)

When asked about those incidents during the Fox interview, Musk said he wanted to eliminated waste in fraud in government and that he believed he is "doing the right thing."

Read the original article on Business Insider

https://www.yahoo.com/finance/news/elon-musks-net-worth-dropped-232955607.html

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signalmankenneth said:
  • Elon Musk's net worth fell by $29 billion as Monday as Tesla's stock price also declined.:thumbsup:
  • Tesla's stock was down 15% as of close on Monday, while Musk's net worth was down 6.7%.
  • Musk said Monday it's been hard to run his businesses while working on government efficiency.
Elon Musk remained the wealthiest person in the world even after losing $29 billion on Monday alone.

Musk was worth $301 billion as of Monday evening, according to the Bloomberg Billionaires Index, which updated to reflect stock values as of market close. Musk's net worth as of Sunday was $330 billion, meaning it fell 6.7% on Monday.

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.

Musk said in an interview with Fox Business that aired Monday that it has not been easy to juggle leading his companies, like Tesla and SpaceX, while also working on government efficiency efforts.

When asked how he was doing both, Musk replied, "With great difficulty," followed by a long pause and a sigh.

Tesla facilities have also been the targets of several attacks, including gunshots and other acts of vandalism, that police have said could be motivated by Musk's politics and government work.(y)

When asked about those incidents during the Fox interview, Musk said he wanted to eliminated waste in fraud in government and that he believed he is "doing the right thing."

Read the original article on Business Insider

https://www.yahoo.com/finance/news/elon-musks-net-worth-dropped-232955607.html

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Fuck yopu asshole. You supported the assassination of your president so, fuck you!
 
Nordberg said:
Stock drops do not matter unless you sell. This is paper worth. It goes up and down with no impact.
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Agreed to an extent. Not an expert nor a business guy, but younger people can ride out these storms. In fact, my ex and I divorced in Bush's recession. Texas is no fault divorce and my spendthrift ex got half my savings. I doubled down on my 401k, which was easy since she wasn't spending all of "our" money, and I made all the money back within a few years when the stocks rose again.

Older people, those in retirement and living off their savings are not so lucky. They are drawing money out of their investments as retirement income and have little means to replenish them when the market rises again. They LOSE.

Trump's policies are hurting older Americans permanently.
 
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