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By Hugh Cameron
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Elon Musk's net worth has taken a tumble since the start of the year due to a slight slowdown at one of his key companies.
The Tesla and SpaceX CEO, now a key player in the Trump administration, has lost $11.3 billion in the year, according to Bloomberg's Billionaires Index, a greater loss than any other on the list.
Newsweek reached out to Musk via Tesla for comment.
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Why It Matters
Musk is still far and away the world's richest man—$165 billion standing between him and his closest competitor, Jeff Bezos—and this year's losses represent only a fraction of his $421 billion fortune.
Musk significantly increased his net worth in 2024, with some speculating he could surpass the staggering $500 billion mark this year. However, the recent decline may put these predictions at risk.
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What To Know
The lion's share of Musk's wealth derives from his ownership of artificial intelligence startup xAI, aerospace company SpaceX, and Tesla, according to Forbes, holding a roughly 12 percent stake in the latter.
Tesla, currently the world's eighth most valuable company with a market cap of around $1.25 trillion, has seen its share price dip in recent days, coinciding with a surge of criticism over Musk's salute at Trump's inauguration, as well as a subpar earnings report from the company.
On Wednesday, Tesla reported $25.7 billion in revenue for the latest quarter, up 2.1 percent from the same period last year but below market forecasts. Operating profit, meanwhile, fell 23 percent year on year despite a record quarter for deliveries, at 495,000.
Others have attributed the slide to the launch of the DeepSeek chatbot, which sent shock waves through the U.S. tech sector and resulted in mass sell-offs at some of the world's biggest companies.
What People Are Saying
Barclays analysts, in a recent report: "We believe [Tesla's] fundamentals remain secondary vs. the broader theme of narrative command for Tesla, which has gone into hyperdrive since the US Elections last November."
The report said investors saw value in "Elon's star power" and "Tesla's role as a disruptor."
What Happens Next
During Tesla's Wednesday earnings call, Musk said the company would launch "thousands" of driverless "robotaxis" in Austin, Texas, in June.
"These Teslas will be in the wild with no one in them in June in Austin. So, what I'm saying is this is not some far-off mythical situation. It's literally five, six months away, five months away kind of thing."
"2025 really is a pivotal year for Tesla," he added.
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