Tariffs take a toll: Musk's wealth drops below $300 bn amid market slump

Elon Musk's net worth dips to $298 billion after Trump's tariff move triggers global market selloff; Tesla stock plunges over 50 per cent, wiping out 2025 gains

A turbulent wave of economic policy has shaken the fortunes of the world’s wealthiest — and even Elon Musk hasn’t been spared. The Tesla CEO watched his fortune dip below the $300 billion mark, a symbolic threshold he hadn’t crossed in months. 

The decline in wealth comes in the wake of newly imposed US tariffs that have rattled global markets and triggered a steep drop in Tesla’s share price. 

The ripple effect of US President Donald Trump’s tariff strategy has been severe, plunging stock markets worldwide. Tesla has been hit hard — losing over half its value from December highs. As a result, Musk’s net worth has plummeted by approximately $135 billion in the past week alone, now standing at $298 billion, according to the Bloomberg Billionaires Index. 

Despite still holding the top spot on the index, Musk has now lost all the financial ground gained since Trump’s election victory last year. His sharpest recent decline came on April 7, when he shed $4.4 billion in a single day — the sixth-largest one-day drop recorded in the index’s history. Earlier, on April 3 and April 4, his wealth had tumbled by $31 billion following the initial announcement of the tariffs. So far in 2025, Musk has seen $134.7 billion wiped from his net worth. 

Musk expressed hope for a future US-EU “free trade zone” that would eliminate tariffs altogether. His brother, Kimbal Musk — also a Tesla board member — warned about higher consumer prices. 

“Even if he (Donald Trump) is successful in bringing jobs onshore through the tariff tax, prices will remain high, and the tax on consumption will remain in the form of higher prices because we are simply not as good at making all things,” Kimbal said.

 

Billionaire blues: Others also take a hit

Musk isn’t alone in bearing the brunt of these economic shifts. The combined wealth of the 500 billionaires tracked by Bloomberg has shrunk by over $500 billion since the tariffs were introduced. April 7 alone saw a staggering $271 billion drop — marking the third-worst day in the index’s history. 

Jeff Bezos remains the second richest, though his net worth has dipped by $42.6 billion to $192 billion. Mark Zuckerberg, ranked third, has lost $24.5 billion and now sits at $183 billion. In contrast, Warren Buffett is the rare exception among the top 20 billionaires — the Berkshire Hathaway chairman has added $11.5 billion to his fortune, now standing at $154 billion, Mint reported. 

Meanwhile, Louis Vuitton Moët Hennessy Chairman Bernard Arnault — the only non-American in the top five — has seen his net worth fall by $26.2 billion, landing at $150 billion.