New Delhi: The April tariffs have hit hard, particularly for the world’s richest man and CEO of Tesla, Elon Musk. His net worth has slipped under $300 billion for the first time since November 2024.
Musk Turns to Trump to Abolish Tariff Policy
Musk is an ally of former President Donald Trump, and the new tariff policy the president instituted when he was in power has hit Musk with a blow. Now, Musk is pleading with Trump for assistance in removing the tariffs, and he has made a commendable recommendation. He publicly called for the tariffs to be removed due to their effects on his net worth.
In Just One Day, Musk Loses $4.4 Billion
Musk saw a $4.4 billion fortune impacted in a day after a big selloff of the stock market on Monday, reports Bloomberg’s Billionaires Index. The hit has now taken his total net worth down to $298 billion.
Musk had already seen a loss of $3.1 billion earlier in the week on Thursday and Friday. Cumulatively since the start of 2025, the losses for Musk are now $13.5 billion. Tesla shares, which hit record highs in mid-December, have since plunged over 50%.
Tariffs — Musk has been vehemently against tariffs and wrote an open letter to Trump asking him to drop tariffs on Chinese vehicles.
Musk privately appealed to the former president to rethink the tariff decisions, according to a Reuters report. Edit: Musk publicly opposed the tariff decisions on X, the former Twitter platform. Musk even reportedly met directly with Trump to discuss the matter. Musk also shared his desire for the U.S. and Europe to develop a zero-tariff system in creating a free-trade zone between the two regions over the weekend.
Kimbal Musk Goes After Tariffs — Musk’s Bro
Elon Musk’s brother and member of the Tesla board Kimbal Musk also slammed the tariffs on Monday. LN: He called them a “permanent tax on American consumers.”. On X, he wrote that while the tariffs may return jobs to America for Trump, the price of goods “will not go down”, and “Americans will pay higher taxes because they cannot produce goods here for less than 10X what it would cost to produce abroad.”
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