Elon Musk’s net worth dropped $29 billion in one day as Tesla stock tanks

• Elon Musk’s net worth fell by $29 billion as Monday as Tesla’s stock price also declined.
• Tesla’s stock was down 15% as of close on Monday, while Musk’s net worth was down 6.7%.
• Musk said Monday it’s been hard to run his businesses while working on government efficiency.

Elon Musk remained the wealthiest person in the world even after losing $29 billion on Monday alone.

Musk was worth $301 billion as of Monday evening, according to the Bloomberg Billionaires Index, which updated to reflect stock values as of market close. Musk’s net worth as of Sunday was $330 billion, meaning it fell 6.7% on Monday.

The net worth drop was fueled by a decline in Tesla’s stock price. Tesla’s stock fell 15% on Monday, marking its biggest single-day decline since September 2020. The tech-heavy Nasdaq 100 was down 4% overall while the S&P 500 was down 3%.

Tesla stock is down 55% from its high in December. Musk’s net worth is down $132 billion, or over 30%, this year, according to Bloomberg.

Some Tesla investors are worried the billionaire CEO might be spending too much time in Washington, DC, and not enough focusing on the electric-vehicle maker.

Musk has been working closely with President Donald Trump and the DOGE office as it seeks to make cuts to eliminate waste and fraud in the federal government, including by cutting spending and the federal workforce.

Trump has said the Tesla and SpaceX CEO is leading the office, but the White House and the Justice Department have denied it, instead naming another official as the administrator of the DOGE office.

Musk said in an interview with Fox Business that aired Monday that it has not been easy to juggle leading his companies, like Tesla and SpaceX, while also working on government efficiency efforts.

When asked how he was doing both, Musk replied, “With great difficulty,” followed by a long pause and a sigh.

Tesla facilities have also been the targets of several attacks, including gunshots and other acts of vandalism, that police have said could be motivated by Musk’s politics and government work.

When asked about those incidents during the Fox interview, Musk said he wanted to eliminated waste in fraud in government and that he believed he is “doing the right thing.”