Elon Musk Loses $29 Billion in One Day as Tesla’s Stock Takes a Hit  : 

‘Everything Will Be Fine’ Elon Musk says after losing $29 billion in a single day as a result of Tesla’s stock decline. Elon Musk, the world’s richest man, has experienced a significant decline in his wealth. According to the Bloomberg Billionaires Index, Musk’s net worth dropped 6.7% from $330 billion on Sunday to $301 billion on Monday night. In one day, Musk lost an incredible $29 billion. His total wealth, which peaked at $486 billion in December 2024, has dropped by $132 billion since the start of this year. The primary cause of this decline is Musk’s new role as head of the U.S. Department of Government Efficiency (DOGE), which has negatively impacted Tesla’s stock performance and sales.

Tesla’s sales have crashed, with orders in Germany down 70% and shipments in China down 49%. Despite this setback, Musk remained optimistic about Tesla’s future. He replied, “It will be fine in the long run,” to a tweet about the company’s declining stock price. Meanwhile, opinions on Musk’s entry into politics and governance have been divided. His chairmanship of the Department of Government Efficiency has both praise and criticism. In the meantime, the government is looking into and suing his companies, including SpaceX, Tesla, and X (formerly Twitter). In a recent interview with Fox News, Musk stated that juggling his businesses and working for the Trump administration has proven to be challenging.

Musk’s social media platform X also experienced a widespread outage on Monday, with thousands of users reporting issues with the DownDetector website. Musk attributed the downtime on a massive cyberattack, claiming that the platform was being targeted by a well-organised group with significant financial resources, maybe a country. Musk’s ambitious Starship rocket program suffered another setback when SpaceX’s two most recent launches failed. In the latest incident, which occurred Thursday, debris scattered across a large area interfered with the flight. The Turks and Caicos Islands had also been hit by debris from the January explosion.

Musk downplayed the significance of these failures. Musk posted a photo of himself inspecting the wreckage from the initial rocket failure along with the tweet, “Today was a small setback.” He emphasised that development is tracked throughout time and that the next Starship launch is expected to be ready in only four to six weeks. Tesla’s stock fell more than 15% on Monday, the largest drop of the year, bringing the total decrease to over 45%. Investors are concerned about slow sales, increased competition, and Musk’s growing political ties. When hundreds of people complained about issues on Musk’s social media platform X, formerly known as Twitter, his troubles were made worse.

According to Musk, the event was caused by a “massive” cyberattack that was probably orchestrated by “a large, coordinated group and/or a country.” Tesla’s market value dropped to $125 billion in tandem with a broader selloff in American markets. For Musk, a widespread market panic occurred at the same time as these two disasters. The Nasdaq experienced its worst one-day performance since 2022, down 4%, while the S&P 500 and Dow Jones also saw sharp declines. Investors worry that the Trump administration’s changing policies regarding tariffs and the economy could lead to a recession. Treasury Secretary Scott Besant’s warning about a “detox period” and budget cuts exacerbated these concerns. Tesla’s post-election spike is now gone, with shares now down 11% from the day Trump was elected president.