Elon Musk Faces $29 Billion Loss in a Single Day—Here’s What Happened
In one of the most dramatic financial swings of his career, Elon Musk lost an estimated $29 billion in a single day after Tesla shares plunged by 15%.
The sharp drop wiped out a massive portion of his net worth—more than the GDP of several small nations combined.
What Triggered the Decline?
Several key factors played a role:
Falling Tesla sales in China: Deliveries from the company’s Shanghai plant dropped nearly 50%, giving local rivals like BYD a stronger foothold in the world’s largest EV market.
Increased global competition: Rising electric vehicle manufacturers in Europe and Asia are challenging Tesla’s dominance.
Market-wide tech selloff: Broader economic concerns and investor uncertainty triggered a widespread selloff in tech stocks.
Political backlash: Musk’s involvement with the U.S. Department of Government Efficiency (DOGE) drew criticism, with some consumers calling for boycotts, arguing that his political visibility may be affecting Tesla’s public image.
Musk Still Holds the Top Spot
Despite the staggering drop, Elon Musk remains the world’s richest person, with an estimated net worth of $301 billion after the market shift.
This sharp decline serves as a reminder of how volatile fortunes can be in the high-stakes world of tech and electric vehicles.
To regain investor confidence, Tesla will need to refocus on innovation, competitive pricing, and regaining market share—especially in Asia.
