The richest man in the world and the head of the Department of Government Efficiency (DOGE) in the administration of Donald Trump, Elon Musk, suffered significant financial losses – his fortune decreased by $121.5 billion, shrinking to $342.5 billion. This was a consequence of Trump’s tariff policy, informs Forbes.
Compared to a record high of $464 billion set on Dec. 17, when Tesla’s shares hit an all-time high of $480 per share, Musk’s fortune has shrunk by $121.5 billion. This even exceeds the wealth of the tenth richest person in the world – former CEO of Microsoft Steve Ballmer ($119.1 billion).
The drop in Tesla shares was attributed to new tariffs imposed by Donald Trump on Canada, China and Mexico, which had a negative impact on investor sentiment. The company’s shares were trading just above $260 on Thursday, down 47% from their record intraday high last year.
It’s worth noting that China is Tesla’s second-largest market, and the company, like other American automakers, depends on importing parts from Canada. Back in January, Tesla CFO Vaibhav Taneja warned that the new customs duties “will have an impact on our business and profitability.”
