Tesla shares fell nearly 15% in the first session of the week, causing both the company’s capitalization and the CEO’s assets to plummet.
According to the Bloomberg Billionaires Index, Tesla CEO Elon Musk is now worth $301 billion. His fortune dropped $29 billion in just one day, mainly due to the decline in Tesla shares.
At the close of trading on March 10, shares of the American electric car company fell 15%. This was the worst session for this code in more than 4 years, extending the decline in 2025 due to Wall Street’s concerns about the demand for electric cars.
On March 10, UBS analyst Joseph Spak lowered his forecast for Tesla deliveries in the first quarter and for the entire year of 2025. Accordingly, the company may only deliver 367,000 cars this quarter, down 16% from the previous estimate. He also no longer expects Tesla to sell more cars this year than last year.
Investors also believe that Musk is neglecting Tesla. He has recently been busy leading the Office of Government Efficiency (DOGE), helping US President Donald Trump reduce budget waste.
“Tesla’s biggest challenge in 2025 is not technology, but brand image. Musk’s deep involvement in politics is affecting sales, customer loyalty and investor confidence,” said Jacob Falkencrone, global head of investment strategy at Saxo Bank.
In the US, protesters recently gathered at a series of Tesla showrooms to express their growing frustration with Elon Musk’s role in government.
Tesla’s market capitalization evaporated $125 billion in just the first session of the week. Since the beginning of the year, the electric car company’s stock has fallen 41%, causing Musk’s assets to decrease by $132 billion.
Still, he remains the world’s richest person, followed by Amazon founder Jeff Bezos ($216 billion) and Meta boss Mark Zuckerberg ($211 billion).
Musk has a diverse fortune. According to Forbes , he currently owns 12% of Tesla and 42% of aerospace company SpaceX. The billionaire also owns more than 70% of social network X and about 60% of xAI, the artificial intelligence startup he founded.
Musk was the world’s richest person last year, adding more than $200 billion to his fortune. His fortune skyrocketed in late October, thanks to his support for President Donald Trump during the election campaign. His fortune grew in part because SpaceX’s valuation was pushed to $350 billion.
