Yuri Kobzar14:11, 06.03.25

Musk has been hit by both his own political activism and Trump’s tariff policies.

Over the past two months, American billionaire Elon Musk has lost almost a quarter of his wealth, largely as a result of Donald Trump’s first weeks in office, Forbes reports .

Musk’s net worth has now fallen by $110.8 billion from a record high of $464 billion on Dec. 17, when Tesla shares traded at $480 a share. However, the company’s shares have fallen significantly in the weeks since, and were trading below $280 as of Tuesday.

As Forbes notes, the fall in Tesla shares occurred against the backdrop of a general decline in US stock market indices due to Trump’s introduction of high tariffs on goods from Canada, China and Mexico. Mirror tariffs on US goods are expected to be introduced in these countries.

“Tesla is particularly sensitive to tariffs because China is the second-largest market for its electric vehicles and the company, like other U.S. automakers, relies on imports from Canada to make its cars,” Forbes writes.

Musk is still a net winner from Trump’s election victory, however. Even with his recent losses, he is now $83 billion “richer” than he was before the election. The rise in the valuation of his companies Tesla, SpaceX, and xAI comes as market analysts expect regulatory easing for the businesses in which Musk’s companies operate.

Tesla Cars Boycotted in Europe

As UNIAN wrote, after Elon Musk helped Donald Trump win the US elections with his money and information support, the American billionaire began to actively interfere in European politics as well . In particular, he actively criticized the current governments and praised right-wing populists.

This behavior of the American billionaire angered wealthy Europeans. It coincided with a number of purely market events that overlapped with discontent with Musk himself. The consequence was a sharp drop in sales of Tesla cars in Europe .

(c)UNIAN 2025