Elon Musk is no stranger to financial ups and downs, but even for him, this one stings. In just one brutal day, Elon Musk’s Net Worth Loss totaled a staggering $29 billion. That’s more than the GDP of some small countries—poof, gone in 24 hours. The culprit? A 15% drop in Tesla’s stock price that sent shockwaves through the financial world. Investors panicked, analysts speculated, and social media had a field day with memes. While Musk isn’t exactly digging through couch cushions just yet, this massive loss highlights just how unpredictable the billionaire’s fortune really is. So, what exactly went wrong? Let’s break it down.

Tesla’s Stock Takes a Hit

Tesla’s stock drop wasn’t random. A mix of economic concerns, increased competition, and political controversy played a role. The broader market also saw turbulence, especially in tech stocks. Investors feared an economic slowdown and pulled out of risky assets. Tesla, as a high-growth company, felt the impact more than others.

Another major factor was Tesla’s struggle in China. The electric vehicle market there is more competitive than ever. Local brands like BYD have gained traction, leaving Tesla fighting for market share. February’s sales from Tesla’s Shanghai plant fell by nearly 50%. That’s the worst decline in over a year. Investors took notice and reacted swiftly, further contributing to Elon Musk’s Net Worth Loss.

Elon Musk looked emotional after being asked about his other businesses in a recent interview with Fox Business following the biggest drop in Tesla stock since 2020.

He might be the richest man in the world, but if Elon Musk keeps losing money at the rate he is, it might not be that way for much longer. Although Forbes’ live billionaire list puts Musk at over $100 billion richer than Jeff Bezos in second place, his net worth has tumbled ever since President Donald Trump stepped into the White House.

While Trump’s victory over Kamala Harris saw the world’s richest get richer, it seems it was only a temporary boost for Mr. Musk.

By embedding himself in the White House and taking a new role as the head of the Department of Government Efficiency, Musk has become more divisive than ever. Crashing Tesla stocks have led to Musk being $116 billion poorer than his peak wealth, with concerns about what happens next.

Musk had $29 billion wiped off his net worth in a single day (Bloomberg / Contributor / Getty)

Speaking to Fox Business in the aftermath of losing $18 billion in a single day, a visibly deflated Musk got candid about his current financial situation.

When asked about how he’s running his other business, Musk is lost for words and says: “With great difficulty.”

Fox’s Larry Kudlow asks whether there’s any turning back now, with Musk adding: “I’m just here trying to make the government more efficient, eliminate waste and fraud. So far, we’re making good progress.”

The mention of his other business ventures losing more money than usual has clearly struck a chord with Musk, but for now, there’s no sign of him stepping back from the DOGE.

According to Business Insider, the financials could be even worse. The site points to the Bloomberg Billionaires Index and claims Musk’s net worth dipped to $301 billion on Monday evening (March 10). Considering he was worth $330 billion on March 9, it’s a jaw-dropping $29 billion in a single day – marking a 6.7% total drop.

It was apparently triggered by Tesla‘s stock dropping by 15% on March 10, giving it the biggest single-day drop since September 2020.

Looking at the bigger picture, Tesla stock is down 55% from its December 2024 peak, while Musk’s net worth is down by $132 billion (30%) in 2025.

We’ve seen Tesla cars and facilities attacked by angry people, while some Tesla owners have even taken to defacing their own vehicles.

There wasn’t much sympathy for Musk’s latest loss, with one person responding to the clip of him, writing: “‘All his businesses?’ Nah! He’s just throwing one business—that’s publicly traded—under the bus! The rest of his businesses remain insulated and are still flourishing—being granted billions of dollars in government contracts.”

Another joked: “He did Nazi that coming.”

Someone else concluded: “A rare moment of reality as he begins to suspect that most people actually hate him. It won’t last though, it never does. The delusions will be back in full swing soon enough.”

For now, Musk is continuing his endeavours to trim the fat from federal spending as the POTUS’ very own ‘First Buddy’.

Featured Image Credit: The Washington Post / Contributor / Getty