Elon Musk Reacts After Losing $29 Billion in a Day
Elon Musk faced a massive financial blow as his net worth dropped by $29 billion in just one day—more than the GDP of some small countries. The steep loss followed a 15% plunge in Tesla’s stock price, shaking investors and sparking speculation across markets and social media.
What Happened?
Tesla’s stock took a hit due to rising competition, economic uncertainty, and political controversy. A broader sell-off in tech stocks didn’t help, and Tesla, seen as a high-risk growth stock, suffered more than most. Sales in China dropped nearly 50% in February, as local EV brands like BYD gained ground—making investors even more nervous.
Political Backlash
Musk’s recent appointment to the Department of Government Efficiency (DOGE), linked to former President Trump, sparked public criticism and protests. While Musk said his goal was to reduce government waste, many saw it as a political move that could damage Tesla’s reputation.
Musk Responds
In an interview, Musk admitted managing his ventures was difficult and appeared visibly frustrated. He defended his new role but acknowledged the pressure he’s under.
Despite this major loss, Musk remains the world’s richest person with a $301 billion net worth. Still, the event highlights the volatility of his fortune, which is closely tied to Tesla’s performance.
What’s Next?
To recover, Tesla needs to prove it can weather global competition—especially in China. Innovation, better pricing, and stronger global sales will be key. Investors are watching closely to see how Musk and Tesla handle the challenges ahead.
