Billionaires
Musk’s Net Worth Drops $22 Billion as DOGE Drives Market Unease
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Elon Musk’s net worth fell by $22.2 billion Tuesday — his fourth-largest one-day loss — as stock markets faltered on skepticism about potential tariffs and ongoing federal cost-cutting efforts.
Tesla Inc., which makes up more than half of Musk’s fortune, was particularly hard hit after reports that its sales in Europe — where Musk’s favorability has tumbled as he’s inserted himself into domestic politics — plunged by almost half in January. Shares of the electric carmaker fell by 8.4% in New York, sending its market value below $1 trillion for the first time since Nov. 7.