Musk loses billions as Tesla shares get hammered

As shares of Tesla Inc. lose ground, the company's chairman and presidential adviser Elon Musk is losing big.

Forbes, which maintains a real-time billionaire wealth tracking tool, estimates the 53-year-old was worth $342.4 billion as of the close of business Thursday, down a whopping $121.2 billion from its all-time high of $464 billion, set Dec. 17. He's still the richest person in the world, however.

That estimate is in line with one from the Bloomberg Billionaires Index, which puts Musk’s wealth at $330 billion as of the close of business Friday, when Tesla stock skidded even lower. Shares are down 35% from the start of the year.

As USA TODAY has reported, Tesla cars, factories and showrooms have become potent symbols for Americans frustrated with Musk and his role in shrinking American government through his unelected post in President Donald Trump’s “Department of Government Efficiency.” Protesters have also targeted Musk for his influence on the presidential campaign and the right-wing slant of X, the social media platform formerly known as Twitter, which Musk purchased in 2022.

But the broader stock market has also lurched lower in recent weeks amid investor concerns about a growing trade war and consumers who are pulling back on spending.

The S&P 500 ticked slightly higher Friday but is still down about 2% from the start of the year.

It’s important to keep Musk’s losses in perspective, however. He’s still over $100 billion richer than the No. 2 billionaire in the world, Mark Zuckerberg.