Tesla CEO Elon Musk’s personal fortune has dropped below US$300 billion (S$406 billion) for the first time since November 2024, as global markets react negatively to U.S. President Donald Trump’s new tariffs — impacting even those closest to his administration. In fact, this significant drop has brought Elon Musk’s net worth drops below 406$ billion, highlighting the volatile nature of his wealth.
Musk Lost US$4.4 billion
On April 7, Musk lost US$4.4 billion after Tesla shares continued their slide, bringing his total net worth down to US$297.8 billion, according to the Bloomberg Billionaires Index. This decline is a stark reminder of how quickly fortunes can change, as evidenced by the drop in Elon Musk’s net worth drops below 406$ billion.
That loss followed a massive US$31 billion decline on April 3 and 4. Altogether, Musk’s fortune has plummeted by US$134.7 billion in 2025 so far.
On April 7 alone, Musk was the sixth-biggest loser among the world’s 500 richest individuals, as the index collectively dropped US$271 billion — making it the third-worst single-day loss in its history.
The Fall After the Rise
Musk’s net worth skyrocketed after Trump’s election, fueled by a Tesla stock rally. However, that momentum has reversed dramatically in recent months.
His close relationship with Trump has turned Tesla into a target for protests and public backlash, both in the U.S. and internationally. Musk’s controversial presence on social media and political affiliations have also alienated potential customers and caused some current Tesla owners to distance themselves from the brand.
Since peaking in mid-December 2024, Tesla stock has fallen by over 50%, significantly denting Musk’s wealth.
Calls for Trade Reform
In response to the escalating trade tensions, Musk recently expressed hope for a “zero-tariff” agreement between the U.S. and Europe, proposing a free-trade zone to ease economic strain.
His brother and Tesla board member, Kimbal Musk, also weighed in on April 7, criticizing the tariffs as a “permanent tax on the American consumer.”
“Even if tariffs bring jobs back onshore, prices will remain high,” Kimbal wrote on X. “We simply aren’t as efficient at producing everything, and that cost is passed on to consumers.”