Elon Musk faced a staggering $29 billion loss in a single day, driven by a 15% drop in Tesla’s stock price.
The decline was influenced by a mix of factors, including increasing competition in the electric vehicle market, particularly from China’s BYD, which has gained significant market share. Tesla’s Shanghai sales dropped nearly 50% in February, further damaging investor confidence.
Additionally, Musk’s political involvement, particularly his ties to President Trump and his controversial role in the Department of Government Efficiency (DOGE), added to the pressure. This caused backlash, including protests and calls for boycotts.
Despite the loss, Musk remains the world’s richest person with a net worth of $301 billion. The drop in Tesla’s stock serves as a reminder of the volatility in the tech industry, where even the wealthiest individuals can experience significant fluctuations in fortune. Investors are closely watching Musk’s next moves for recovery.