Tesla Stock Crash Wipes Billions from Elon Musk’s Net Worth

Tesla CEO Elon Musk’s net worth has dropped below $400 billion for the first time in two months due to a sharp decline in Tesla’s stock. The company’s shares have fallen by 27% significantly impacting Musk’s fortune as Tesla stocks and options account for over 60% of his wealth.

Tesla's stock has been under pressure after disappointing sales reports. The company's deliveries in Germany plummeted by 59%, reaching their lowest level since 2021 while China sales declined by 11.5% compared to the previous year. The overall weak performance has led to an 11% drop in Tesla's shares.

Musk has been focusing more on Washington since Donald Trump's inauguration. He is leading an initiative aimed at reducing U.S. government expenses. While investors expected Tesla to benefit from policy changes related to electric vehicle tax subsidies, no significant improvements have been made so far.

Apart from Tesla, Musk is also involved in other ventures. Reports suggest he is leading a group of investors to acquire OpenAI, the company behind ChatGPT, for nearly $95 billion. However OpenAI’s CEO, Sam Altman has rejected the offer.