Elon Musk, the world's richest person, lost billions of his net worth after the shares of his Electric Vehicle (EV) giant Tesla Inc, fell over 15% due to concerns of slowing sales.
Federal employees face a midnight deadline to comply with Elon Musk's second demand for reports on their recent accomplishments (AP)
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Musk's net worth as of March 11 was $301 billion, according to the Bloomberg Billionaires Index, which highlighted a year-to-date loss of $132 billion and a loss of $29 billion from the day prior.
Tesla's shares closed 15.43% down, reaching $222.15 on the Nasdaq on Monday, March 10, 2025. This was a decline of $40.52.
However, Musk is still the world's richest individual by a significant margin. Amazon founder Jeff Bezos who trails him, has a net worth of $216 billion, according to the index, which is a difference of $85 billion, or 39.35% of Bezos' net worth.
Why did Tesla stock fall?
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A prime reason why the company's shares have been losing value boils down to it struggling in China, the world’s largest EV market, to keep up with domestic giant BYD Co, according to a Bloomberg report.
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A prime reason why the company's shares have been losing value boils down to it struggling in China, the world’s largest EV market, to keep up with domestic giant BYD Co, according to a Bloomberg report.
Tesla shipments from the company's Shanghai plant plummeted 49% in February to just 30,688 vehicles, which is the lowest monthly figure since July 2022, according to the report.
This is also true in Germany where registrations drastically fell by 70% during the first two months of 2025.
Meanwhile, UBS Group AG and Robert W. Baird & Co both cut their delivery projections for the first quarter as well as for the full year, the report read.
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Home/Business/Elon Musk loses $29 billion in a day as Tesla shares take a hit
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