Elon Musk’s net worth drops by $29 billion amid Tesla’s biggest stock decline in years

Elon Musk maintained his position as the world’s wealthiest person despite losing a staggering $29 billion on March 10 alone.

As of March 10 evening, Musk's net worth stood at $301 billion, according to the Bloomberg Billionaires Index, which reflects stock values at market close, Caliber.Az reports.

This represented a 6.7% drop from his net worth of $330 billion on March 9.

The decline was primarily driven by a significant 15% drop in Tesla's stock price, marking its largest single-day loss since September 2020. The tech-heavy Nasdaq 100 fell 4%, while the S&P 500 dropped 3%. Tesla's stock has now decreased by 55% from its peak in December, and Musk's net worth has dropped by $132 billion, or more than 30%, this year alone.

Some Tesla investors have expressed concerns that Musk's focus may be diverted from the electric vehicle maker. The billionaire CEO has been spending considerable time in Washington, DC, collaborating with President Donald Trump and the DOGE office in efforts to reduce waste and fraud in the federal government, including cutting spending and the federal workforce.

Although Trump has suggested that Musk is leading the DOGE office, the White House and Justice Department have denied these claims, naming another official as the office's administrator.

In a Fox Business interview on March 10, Musk admitted that balancing his roles at Tesla, SpaceX, and his work with government efficiency efforts has been challenging. "With great difficulty," Musk responded when asked about managing both, followed by a long pause and a sigh.

Musk's businesses have also faced several attacks, including gunshots and acts of vandalism at Tesla facilities. Police have suggested that these incidents may be motivated by Musk's political views and involvement in government initiatives.

When asked about these attacks in the interview, Musk reiterated his commitment to eliminating waste and fraud in the government, expressing confidence that his efforts are “the right thing” to do.

Musk also revealed that the US state budget under the administration of former President Joe Biden was short by about $500 billion due to corruption and fraud. Citing data from the US Court of Accounts, Musk, who oversees the Department of American Government Efficiency (DOGE), stated, “The state budget under Biden lost half a trillion dollars because of waste. We are trying to minimize this figure, to do everything to save taxpayers' money.”

By Tamilla Hasanova