For the first time, Musk has become impoverished by more than $ 400 billion: Europe and China are abandoning his Tesla

The status of the Head of the Department of Public Administration Efficiency (DOGE) The US billionaire and entrepreneur Elon Musk for the first time this year fell below $ 400 billion amid a significant decline in stock prices of the Tesla company he created. This was reported by Bloomberg.

It is noted that the value of the automaker's shares has fallen by 27% since reaching a historic high in mid-December. A particularly sharp drop was observed last week: then the price of Tesla securities dropped by 11% amid reports of a reduction in sales. In particular, deliveries of cars to Germany decreased by 59%, breaking the anti-record from 2021, and sales in China fell by 11.5% compared to last year. On February 10, Tesla's stock price fell for the fourth day in a row, losing 3% and reaching a level of $ 350.73 per paper.

The agency draws attention to the fact that Tesla shares and options accounted for more than 60% of Musk's fortune in December. At the same time, after the inauguration of US President Donald Trump, the billionaire began to "pay most of his attention" not to business, but to politics, including the leadership of the Government Efficiency Improvement Agency (DOGE). According to Bloomberg, despite Musk's proximity to the new American leader, investors' hopes that the US administration will support Tesla by changing tax policy and simplifying standards for unmanned driving technologies have not yet been justified.

On December 11, 2024, Bloomberg stated that Musk became the first person whose fortune exceeded $ 400 billion: a new record was provided by the sale of shares of SpaceX, which increased the entrepreneur's fortune by $ 50 billion (to $ 439.2 billion). Trump's victory in the presidential election also gave impetus: Tesla shares grew by 65% amid expectations of simplification of rules for self-driving cars and the abolition of tax incentives for the company's competitors. In addition, the value of Musk's startup in the field of AI xAI doubled during that period, it reached $ 50 billion.