The world’s richest man, Elon Musk, has suffered a significant blow to his fate. According to the Bloomberg Billionaires Index, Musk’s total assets were $ 330 billion on Sunday and a drop of $ 301 billion, 6.7% by Monday evening. In one day, on Monday, Musk’s money became a hit of $ 29 billion. His net worth reaching $ 486 billion in December 2024 has fallen by $ 132 billion since the beginning of this year.
The primary cause of this recession has been attributed to Tesla’s struggling stock performance and declining sale, which has been extended by Musk’s new role as the head of the US government’s efficiency department (DOGE). The company’s sales have declined, Germany has fallen by 70% and shipment in China has fallen by 49%.
Tesla’s stock price reflected the decline, closed at $ 222.15 on Monday, 10 March, below its previous price 15.43% or $ 40.52. This marked its single-day decline since September 2020, when it rose from 21.1% to $ 110. This sharp decline was part of a broad market recession, with Nasdaq 100 4% fall and was losing S&P 500 3%. The US stock markets were prevented from an economic recession concerns, surrounded by tariff moves of Trump administration, causing heavy sales across the board.
Due to the fall, Elon Musk expressed optimism about Tesla’s possibilities. In response to a tweet about the company’s sliding share price, Musk replied, “It will be fine in the long term.”
Meanwhile, waves of musk in politics and government are creating waves, promoting both praise and criticism under the government’s own leadership of the department. However, their companies, including Tesla, SpaceX and X, are struggling with lawsuits and regulatory investigations. In a recent interview with Fox News, Musk admitted that running “with great difficulty” with great difficulty while working for the Trump administration has been a challenging balance act.
The X, his social media platforms faced extensive outage on Monday, in which thousands of users were reporting issues on the website Dutter. Elon Musk blamed disintegration for a large scale cyber attack.
Musk took the stage to explain the situation, stating, “There were a large -scale cyber attack against X. We attack every day, but it was done with a lot of resources. Either a large, coordinated group and/or a country.”
Earlier, SpaceX’s ambitious Starsship rocket program faced a shock, with the first two launch. The latest incident occurred on Thursday, scattered the debris in a wide area and created a disruption in the flight. The initial explosion in January also left a mark of debris, as far as the Ottoman and Caikos Islands.
Due to these accidents, Elon Musk reduced the importance of failures. Sharing a picture of inspecting the rubble from the first rocket failure, Musk tweeted, “Today was a minor blow.” He emphasized that progress is measured in time, and the next starship is expected to be ready for launch in just 4 to 6 weeks.