The news that Donald Trump was re-elected president provided a veritable bonanza for billionaires as, already by November 7, 2024, the wealth of the ten richest individuals grew by $64 billion.
Elon Musk was among the biggest beneficiaries, as his fortune increased by $26.5 billion and, between November 8 and January 20, 2025 – the inauguration day – it soared by $129.9 billion from $304 billion to $433.9 billion.
Donald Trump’s actual presidency, however, was nowhere near as financially rewarding for the planet’s richest man. While his wealth didn’t come full circle, it has significantly declined.
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At press time on March 10, 2025, the South African-Canadian-American businessman is estimated to have a net worth of $342.4 billion, $91.5 billion less than when he attended Trump’s inauguration.
Most of Musk’s wealth loss tied to Tesla stock
A large part of the loss can directly be linked to Elon Musk’s main source of wealth: his stake in the electric vehicle (EV) maker Tesla (NASDAQ: TSLA).
Following the billionaire’s latest reported TSLA equity transaction – the December 30 gift – Musk owned 410.8 million shares. Looking at Tesla stock’s price chart, the stake was worth $171.5 billion on the day and $175 billion by January 20.
Simultaneously, at the press time price of $257.81- a price reached after a 36.16% year-to-date (YTD) decline – Musk’s TSLA shares are worth $105.9 billion, meaning his wealth from the EV maker diminished $69.1 billion.
How Trump is making Musk less wealthy
Though its long-term results are yet to be seen, the initial phases of Donald Trump’s presidency have been damaging to the economy. His escalating trade war has already brought an atmosphere of uncertainty and has fueled enmity between the U.S. and its traditional allies.
The Republican hasn’t been much better on the cryptocurrency side, as his actions regarding the hoped-for strategic reserve have ranged from lukewarm to vague. Bitcoin (BTC), for example, greeted the new president at $102,194 and is, on March 10, changing hands at $81,804.
Is Elon Musk his own worst enemy?
Beyond the more general economic headwinds, Musk’s decision to court political controversy also appears to have cost him both popularity and Tesla sales.
While his Department of Government Efficiency (D.O.G.E.) has been very boastful about the amount of money it has already managed to save for the American people, the figures have repeatedly been called into question.
Furthermore, along with the discomfort caused by the gutting of Federal agencies in some circles, mishaps have also been common and have undermined D.O.G.E. ‘s credibility.
One of the most pointed examples of the introduction of the Silicon Valley ‘move fast, break things’ mindset into Washington has been the firing and swift re-hiring of nuclear engineers overseeing America’s atomic arsenal.
Simultaneously, for all the turmoil in the U.S., Tesla sales appear to have suffered the most in Europe, with reports indicating volume drops as high as 70% in some countries.
Along with Trump’s picking a fight with the EU, Musk’s support for the German far-right political party AFD has not been welcomed by many on the continent, while the billionaire’s calls for the Central European nation to ‘move past’ Nazi guilt sparked outrage and boycott calls in Poland.
Cumulatively – and costing Musk billions – Tesla cars have gained the nickname ‘swasticars’ and, in addition to fewer consumers willing to buy the vehicles, there has been a wave of vandalism.
