World’s richest man, Elon Musk’s net worth has fallen below $300 billion for the first time since late 2024 as global markets reel from a wave of new U.S. tariffs and China’s swift retaliation.
According to the Bloomberg Billionaires Index, Musk lost an estimated $4.4 billion on Monday as Tesla shares tumbled alongside the broader global sell-off.
The electric vehicle company’s decline contributed to a total wipeout of $134.7 billion from Musk’s fortune since the start of 2025.
He now ranks among the day’s biggest losers, slipping to $297.8 billion in net worth.
The billionaire entrepreneur and Tesla CEO is feeling the heat of Washington’s trade war. Despite his close ties to President Donald Trump, Musk is among the high-profile casualties of the White House’s escalating trade agenda.
The broader picture paints an even grimmer economic backdrop. Global stock markets, including the Dow and Nasdaq, plunged on Monday, with the Dow losing over 2,200 points and the Nasdaq entering bear market territory for the first time since 2022. Bloomberg’s index tracking the world’s 500 richest people fell by a staggering $271 billion its third-worst day on record.
Some context
Tensions flared late last week when China retaliated against the U.S. with 34 percent tariffs on a range of American goods, intensifying fears of a protracted trade war and fueling talk of a potential U.S. recession. The ripple effect of these moves triggered Monday’s financial chaos, with investors fleeing risk and major tech stocks absorbing heavy losses.
- Musk, who also serves as the head of the Department of Government Efficiency (DOGE), has reportedly made private overtures to President Trump urging him to reconsider the tariff strategy. According to a report from The Washington Post, Musk personally asked the president to scale back the measures, particularly the proposed 50 percent tariff on Chinese imports that Trump floated publicly last week.
- Though Musk has voiced public opposition to the tariffs, insiders say his behind-the-scenes efforts to temper the administration’s aggressive trade stance have so far been unsuccessful.
- The tension is sparking public backlash as well. “Hands Off” protests targeting both Trump and Musk are scheduled to take place in several U.S. cities this week, underscoring growing discontent with the direction of economic policy and its fallout.
Meanwhile, criticism continues to swirl around Musk for what some see as a conflicted role — simultaneously advising the administration while trying to shield his own companies from its policies.
As Washington barrels forward with its trade agenda, and with China promising further retaliation, for Elon Musk, one of the world’s richest men, the price of proximity to power may be rising faster than even he anticipated.