Elon Musk experienced an astonishing loss of $29 billion in just one day, attributed to a 15% decline in Tesla’s stock value.
The decrease was affected by various factors, notably the rising competition in the electric vehicle sector, especially from China’s BYD, which has captured a considerable portion of the market. Tesla’s sales in Shanghai fell by almost 50% in February, which further undermined investor confidence.
Furthermore, Musk’s engagement in politics, especially his connections with President Trump and his contentious position in the Department of Government Efficiency (DOGE), intensified the scrutiny he faced. This led to significant backlash, including demonstrations and demands for boycotts.
Despite the decline, Musk continues to hold the title of the world’s richest individual, boasting a net worth of $301 billion. The decrease in Tesla’s stock highlights the inherent volatility within the technology sector, where even the most affluent can face considerable changes in their financial status. Investors are keenly observing Musk’s forthcoming actions aimed at recovery.
