Tesla’s stock took a huge hit on Monday, and Elon Musk paid the price—losing billions in just one day. The company’s shares fell sharply, wiping out over $18 billion from Musk’s net worth, as both Tesla and his social media platform X faced serious setbacks.
Tesla stock dropped by more than 14% by midday and ended the day down 15.43%, marking the company’s worst performance since September 2020. This massive decline sent shares plunging over $40, with each $10 drop in Tesla stock costing Musk around $4.7 billion. By the end of the day, Musk had lost $18.8 billion.
This slump comes as part of a broader trend. Tesla’s stock is now down more than 51% from its peak in December. Wall Street analysts had expected Musk’s close ties to former President Trump would help Tesla navigate regulatory hurdles. But Musk’s increasingly political posts on social media, coupled with his involvement in controversial government projects, seem to be hurting the company’s image, especially in Europe and the U.S.
Reports of vandalism and arson attempts on Tesla cars are rising, with several incidents at a Tesla store and service center in Loveland, Colorado. The latest attack took place just this past Friday, according to police.
Meanwhile, Musk’s other major venture, X (formerly Twitter), also had a rough day. The platform suffered severe outages, leaving tens of thousands of users unable to access their accounts. Downdetector.com tracked the problem, which affected users across the globe.
Tesla’s plummet comes amid a larger economic downturn, with the Nasdaq Composite dropping over 3%—a sign that market concerns about Trump-era economic policies are weighing heavily on tech stocks.
Musk’s fortune took a massive hit too. According to Forbes, his net worth dropped by $139.4 billion from its peak of $464 billion in December, now sitting at $324.6 billion. While Musk remains the richest person on Earth, his wealth took a huge blow on Monday, with more than $18 billion evaporating in a single day.
Tesla also marked another milestone on Friday, completing its seventh consecutive week of losses—the company’s longest negative streak since it went public in 2010. The stock has fallen every week since Musk took on the role of Trump top adviser in Washington.
It’s been a brutal stretch for Musk, with both his car company and social media platform facing major challenges at the same time.
