Musk says time to find out what happened to aid to Ukraine
Mar 01, 2025
US entrepreneur Elon Musk’s net worth has fallen below $400 bln for the first time this year, dragged down by a double-digit slide in shares of Tesla that he founded, Bloomberg reported.
The price of the automaker’s stock has fallen by 27% after hitting an all-time high in mid-December, the agency said. Last week was Tesla’s worst since early October, with shares falling by 11% after reporting dismal monthly sales. In particular, deliveries in Germany tumbled by 59% to the lowest levels since 2021, while China sales lost 11.5% from a year earlier. On February 10, Tesla shares dropped for the fourth straight day, sliding by 3% to $350.73 per share.
Tesla shares and options made up more than 60% of Musk’s wealth in December, Bloomberg said. "Musk’s political reinvention was a key driver for Tesla stock post-election, and the 53-year-old billionaire has devoted the majority of his attention to Washington since inauguration day. He’s marshaled DOGE’s cost-cutting efforts in the three weeks since Trump took office, gutting USAID, scrutinizing the Treasury Department’s internal payments data and leading a campaign to reduce the federal workforce by offering workers eight months of pay in exchange for their resignations," the agency wrote.
So far, investors’ hopes that the administration of US President Donald Trump could boost Tesla with changes to electric vehicle tax subsidies and formalized standards for self-driving technology haven’t materialized, Bloomberg noted.
On December 11, 2024, Bloomberg said that Musk had become the first person whose fortune exceeded $400 bln driven up by a share sale of his privately held SpaceX, which boosted his wealth by $50 bln to $439.2 bln. Trump’s presidential election win also helped as Tesla stock went up by 65% on expectations that rules for self-driving cars would be simplified and tax credits for electric vehicles would be eliminated. Moreover, the value of Musk’s artificial intelligence startup, xAI, more than doubled in that period to $50 bln.
