In one of the most volatile stretches of his career, Elon Musk is remembered both in personal wealth and in public perception. Once the richest man in the world with a Fortune Peaking net worth of well over $400 billion, the CEO of Tesla and SpaceX has now wiped $134.7 billion off his net worth in just a few months—a reversal that is transformative not only for Wall Street, but also at the complicated intersections of politics, branding, and the global economy.
On Monday, April 7, Musk’s net worth fell another $4.4 billion, bringing his current wealth to $297.8 billion, according to the Bloomberg Billionaires Index. It’s the first time since November that his wealth has fallen below the symbolic $300 billion threshold, and the losses show no sign of stopping.
To put that in context, the man who once climbed to the world’s richest list—which is largely driven by investor confidence in Tesla’s tech-scripted growth narrative—is now facing not only his darkest days, but also his darkest days.
The immediate catalyst behind this wealth erosion lies in the market reaction to President Donald Trump’s new wave of tariffs—a protectionist economic measure that has sent shockwaves through industries ironically separated from Trump’s rise to power.
Tesla, which once benefited from the Trump administration’s buoyancy, now finds itself caught in the crossfire of global trade tensions. The electric vehicle giant’s stock has plunged more than 50% from its record highs set in mid-December, dragging down Musk’s paper fortunes.
The broader markets weren’t spared either. Monday’s market rout wiped a total of $271 billion from the Bloomberg Billionaires Index, making it the third-largest in the index’s history.
Musk was the sixth biggest loser of the day, but the trend in recent weeks has made him one of the most high-profile financial victims in 2025.
Musk’s declining fortunes aren’t just a result of shifting macroeconomic tides—it’s also a consequence of his increasingly polarizing public image and his close alignment with Trump-era policies and rhetoric.
Having served as one of Trump’s most prominent tech advisors during his presidency, Musk became both a symbolic and literal target for protest. While his influence helped accelerate discussions about domestic manufacturing and innovation, it also positioned Tesla—once an emblem of environmental progress—as a divisive political symbol.
This has had real consequences. In recent months, there has been an increase in vandalism against Tesla showrooms, and social media has documented cases of Tesla owners actively distancing themselves from the brand, some even removing the Tesla emblem from their cars.
Potential buyers now appear increasingly suspicious of being associated with what they perceive as Musk’s political leanings.
It’s a major shift for a company that once enjoyed near-universal recognition among progressive tech enthusiasts and environmentally conscious consumers.
The problems Tesla now faces are as much about perception as they are about production. The EV maker, which led the market in innovation and performance for much of the past decade, is now besieged on multiple fronts: increasing competition from legacy automakers, tightening regulations in global markets, and a CEO whose personality continues to dominate headlines—often for the wrong reasons.
Musk’s tendency to refrain from making social media comments, engaging in political feuds, or mock critics has alienated a growing segment of consumers who once viewed him as a visionary. The Musk brand, which once amplified Tesla’s value, is now increasingly viewed as a liability.
And it’s not just public perception. Investors are also becoming cautious. Tesla’s valuation has long rested on forward-looking optimism—the belief that it’s not just a car company, but also a technology company capable of disrupting multiple sectors.
This narrative is becoming harder to sustain in real-world issues regarding supply chain issues, increased tariffs, and increasing PR challenges.
Musk hasn’t remained silent amid the fallout. Over the weekend, he expressed support for a “zero tariff” system between the US and Europe, advocating for what he called a true “free trade zone.”
His brother and fellow Tesla board member Kimbal Musk went further, calling Trump’s tariffs a “structural, permanent tax on the American consumer.”
“Even if he succeeds in bringing jobs through the tariff tax, prices will remain high,” Kimbal said in a public statement. “We’re just not that good at doing everything.”
These comments underscore a growing tension in Musk’s orbit: how to reconcile patriotic manufacturing goals with economic reality. The tariffs are ostensibly intended to protect American industries. In practice, however, they increase production costs, slow innovation, and place additional burdens on companies like Tesla that rely on global supply chains and international demand.
The question now is whether this is a short-term correction or the beginning of a longer decline.
Musk has bounced back from adversity before. From early skepticism about Tesla’s viability to the near-collapse of SpaceX, he’s made a career of proving doubters wrong. But this time, the obstacles are more complex: geopolitical turmoil, consumer backlash, regulatory headwinds, and an evolving competitive landscape that no longer guarantees Tesla a first-mover advantage.
There’s also the matter of Musk’s attention. With his time split between Tesla, SpaceX, Neuralink, and various ventures—not to mention his frequent social media escapades—questions remain as to whether Tesla has the leadership focus in a time of existential challenge.
Elon Musk is no stranger to drama—financial, political, or personal. But the scale and speed of this current downturn are extraordinary even by his standards. A loss of $134.7 billion would be career-ending for almost anyone else. For Musk, it’s a reckoning.
It remains to be seen whether he can once again reshape the narrative, restore investor and consumer confidence, and guide Tesla through this turbulent chapter. If not, the electric dream he ignited may continue to dim.
