Elon Musk appeared visibly affected when questioned about his various ventures during a recent Fox Business interview, which followed Tesla’s largest stock decline since 2020.
Despite being the wealthiest individual globally, Musk’s financial situation may change if he continues to experience significant losses. Currently, Forbes’ live billionaire rankings show Musk with over $100 billion more than Jeff Bezos, who is in second place, but his wealth has decreased since Donald Trump assumed the presidency.
While Trump’s election initially seemed to benefit the wealthiest, it appears that the boost for Musk was short-lived.
By aligning himself closely with the White House and taking on a new position as the head of the Department of Government Efficiency, Musk has become increasingly polarizing. The plummeting Tesla stock has resulted in Musk losing $116 billion from his peak net worth, raising concerns about his future financial stability.
Musk had $29 billion wiped off his net worth in a single day (Bloomberg / Contributor / Getty)
After losing $18 billion in just one day, a visibly shaken Musk spoke candidly to Fox Business about his financial challenges.
When questioned about managing his other business, Musk struggled to find the right words, admitting, “With great difficulty.”
Larry Kudlow from Fox inquired if there’s any way to reverse the situation, to which Musk responded, “I’m just here trying to make the government more efficient, eliminate waste and fraud. So far, we’re making good progress.”
Musk’s acknowledgment of his other ventures facing significant losses clearly affected him, yet he shows no intention of stepping back from DOGE.
Business Insider reports that the situation might be even more dire. According to the Bloomberg Billionaires Index, Musk’s net worth fell to $301 billion on the evening of March 10, down from $330 billion the previous day, representing a staggering $29 billion loss in just 24 hours—a 6.7% decline.
This drop was largely due to Tesla’s stock plummeting by 15% on March 10, marking its largest single-day decline since September 2020.
In a broader context, Tesla’s stock has decreased by 55% from its peak in December 2024, while Musk’s net worth has dropped by $132 billion (30%) in 2025.
Tesla cars and facilities have faced attacks from frustrated individuals, and some owners have even vandalized their own vehicles.
There was little sympathy for Musk’s recent setback, with one commenter stating: “‘All his businesses?’ No way! He’s just sacrificing one publicly traded business! The rest are thriving and still receiving billions in government contracts.”
Another quipped: “He did Nazi that coming.”
A different observer remarked: “It’s a rare glimpse of reality as he starts to realize that many people actually dislike him. But this won’t last; his delusions will return soon enough.”
For now, Musk is focused on reducing federal spending as the President’s close associate.
Featured Image Credit: The Washington Post / Contributor / Getty