Musk Says 'It Will Be Fine' After Net Worth Drops Almost $30 Billion In A Day

Elon Musk’s net worth took a $29 billion hit on Monday as Tesla share prices plummeted 15.4% to $222.15 per piece. However, Musk remains confident about Tesla’s performance. Responding to a tweet about Tesla’s fall in share price, he said, "It will be fine in the long term."

According to the Bloomberg Billionaires Index, Musk's net worth was $330 billion on Sunday and $301 billion as of Monday evening, a 6.7% decline.

The 15% decline in Tesla's stock price marks its biggest single-day decline since September 2020, when it fell by 21.1% to $110. At the same time, the Nasdaq 100 fell 4% and the S&P 500 was down 3% amid the heavy selloff in the US stock markets over the rising concerns of an economic slowdown due to the Trump Administration’s move on tariffs.  

Over the two weeks following the US Presidential election, Tesla's share price rose to 32%, reaching a peak of $479.86 on Dec. 17, 2014. This added $250 billion to the EV maker’s market value. However, since then its price has fallen by 55%, eroding over $800 billion from its stock market value.

This has led to claims that Tesla shares were overpriced to begin with. In addition, some investors have also pointed to Musk’s job in Washington not letting him focus sufficiently on his businesses.

Musk has been a central figure at DOGE, and it seeks to eliminate the wastage of taxpayers’ money, reduce unnecessary bureaucracy, and increase government efficiency. DOGE has fired several government employees since Musk took over.

In a recent interview with Fox Business, Musk admitted that it has not been easy running his businesses such as Tesla and SpaceX, along with discharging his DOGE responsibilities. On being asked how he was balancing his responsibilities, he said, “With great difficulty,”. This was followed by a long pause and a sigh.

However, he added, "We're trying to make the government more efficient across the board.”