Tech billionaire Elon Musk's net worth has declined following the Trump administration's attempts to impose new tariffs.
The net worth of Tesla and SpaceX CEOs has fluctuated over the past few months, mainly due to his recent business and political ventures, including his role in the Department of Government Efficiency (DOGE).
Tesla shares fell 5.2% on Monday. This is a loss caused by the threat of tariffs targeting imports from Canada, Mexico and China; Newsweek It has been reported. the 3.3% decrease As of February 6th.
Tesla's UK sales fell nearly 12% in January, even as monthly electric vehicle registrations in Europe's largest battery and electricity market were pushed to records, according to data published by New Automotive.
Elon Musk's net worth
Musk has been attracting attention in politics, with his financial support for most of 2024 being dominated by Trump's financial support, with the billionaire CEO taking at least $250 million in his successful campaign to return to the White House. I spent it.
His net worth was around $433 billion prior to the recent decline, Newsweek reported, but by Tuesday it had rebounded to just $424 billion, falling to about $418 billion.
As of Thursday, Musk's net worth is $41.4 billion. Bloomberg Billionaire Index. Forbes Real-time billionaires list From the same date, the Tech billionaire reported net worth is $401.8 billion.
Mask wealth has surged earlier, reaching $486 billion in December 2024, according to Bloomberg. in November 2024Musk's net worth was recorded at $307.4 billion by Forbes and $319 billion by Bloomberg.
What has declined?
The threatened tariffs are the main factor behind Musk's recent financial setback. They are threatening to raise production costs for Tesla and other companies and rely on the global supply chain of key materials such as aluminum and lithium, which are essential for electric vehicle batteries.
Concerns about possible retaliatory tariffs from Tesla's main market, China, have put pressure on the automotive company's stocks, causing additional uncertainty.
SpaceX is private, but the new tariffs could also affect the supply chain, including the components required for the StarLink network.
What is Elon Musk's role in Doge?
Trump originally tapped Musk and former GOP presidential candidate Vivek Ramaswamy After reelection last year, he will jointly lead the government's efficiency department.
Since then, Ramaswamy has left Doj.
The Tesla founder became Doge's sole head after Ramaswamy, who plans to run for governor of Ohio two years later. The new administration has yet to say whether Musk will officially join the government as part of his Doge work.
I had a mask We promised to cut $2 trillion In government spending, federal agencies are spending and restructuring them through “large reductions across federal bureaucratic agencies.”
Doge's idea appeared to come from Mask, who, along with Trump, discussed the need for a “Government Efficiency Committee” during his campaign.
It's not entirely clear what he has for the mask, but he provided some clues.
Trump's tariffs
Trump is not only threatening to place a 25% tariff on imports from Canada and Mexico, but also 10% Additional tariffs For all imports from China. Energy resources from Canada have a lower tariff of 10%.
president I wrote about the true society The tariffs are intended to end “Decades of America's Lipov” in regards to “trade, crime, and toxic drugs.”
Tariffs on Mexico and Canada have been suspended for 30 days after Trump struck a border security contract with Mexican President Claudia Sinbaum and Canadian Prime Minister Justin Trudeau.
Customs duties are taxes on goods imported from other countries. They are usually charged as a percentage of the price the buyer pays to foreign sellers.
When businesses import goods from overseas, they pay tariffs to the US government. but,The economist warnsThese costs will ultimately be passed on to American consumers at a higher price.
Trump has admitted that American consumers can cover some of the tariff costs.
Andrew Dawn, Patrick Joldjevic and Safia Samee Ali Reuters contributed to this report.
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