Elon Musk Lost Nearly $30 Billion Net Worth in a Single Day

Tesla’s investors, facing a dramatic drop in the company’s stock value, have become increasingly vocal about bringing back CEO Elon Musk.

While the stock has been in free fall, Musk has been engaged in a significant cost-cutting initiative in Washington, D.C., focused on restructuring government operations. During his seven-week tenure in the capital, Tesla’s stock has declined consistently, and the financial impact has been substantial.

On Monday, amidst a broader tech sector downturn, Tesla shares saw a 15% drop, marking the company’s most significant single-day loss since September 2020. Since reaching a record high in mid-December, Tesla’s stock has plunged by 55%, and it has decreased by over 40% since the start of the year.

Tesla shareholders’ worries are primarily centered around Elon Musk spending less time on his duty as CEO, particularly when compared to his previous, more intensive engagement. Known for his hands-on approach, including sleeping on factory floors during challenging periods, Musk is now reportedly sleeping on the floor of his DOGE government office close to the White House.

In a Monday interview with Fox Business, Musk acknowledged the “great difficulty” he faces in managing his various business ventures while simultaneously leading the DOGE project. Beyond Tesla, Musk oversees SpaceX, X, xAI, and Neuralink. He also maintains an active interest in gaming and is the parent of over 10 children.

Tesla’s struggles extend beyond investor concerns about Musk’s time commitment. Declining vehicle sales in key markets like Europe and China have also brought down enthusiasm. An informal online poll explored the question, “Is Musk’s White House focus hurting Tesla?” Roughly 60% of participants believed it was, asserting that Tesla requires his undivided attention. Conversely, 25% blamed the negative narrative on media exaggeration, while 15% pointed to external factors unrelated to Musk.