Elon Musk’s fortunes have taken a downward trend in the past few months, reportedly dropping $116,000,000,000 from his peak net worth.
Although, he still holds his position as the richest man in the world by a considerable margin.
While there’s no doubt that Elon Musk was incredibly rich, his net worth catapulted to heights never seen before following Donald Trump’s US election victory last November.
Musk was a keen supporter and close ally of Trump in the months prior to his victory and benefitted greatly from this connection as the market predicted that his companies would soar through relaxed regulation and increased support.
Trump’s election victory greatly benefitted Musk’s net worth and companies (Chip Somodevilla/Getty Images)
Tesla’s stock price over doubled between the end of October and the middle of December, and a tender offer indicated that SpaceX had become the world’s most valuable private firm at $350 billion.
In just a short few months his net worth increased from around $250,000,000,000 to a staggering $464,000,000,000, almost doubling on its own and sitting around $200 billion higher than the next richest on the list.
Recent developments have put a chainsaw to Musk’s net worth, causing it to drop by $116 billion from its peak (Saul Loeb/AFP via Getty Images)
It’s likely also linked to the tariffs announced by President Trump on China, as the country is Tesla’s second largest customer base and also produces most of the world’s materials that are necessary for the manufacturing of electric vehicles.
SpaceX remains strong still, especially as private industry efforts appear to be ramping up on the Moon, and xAI – Musk’s artificial intelligence company – continues to grow despite conflict with OpenAI which he previously co-founded alongside Sam Altman.
One intriguing point indicated by Forbes is that while Musk’s $116 billion drop might seem like not that much relative to his existing net worth, that figure alone is higher than all but 11 of the world’s richest individuals’ net worth.
