Tesla CEO and Department of Government Efficiency (DOGE) head Elon Musk’s net worth has reportedly decreased by approximately $121 billion since December.
Why It Matters
Musk’s numbers continued to take a hit this month as anti-Musk vitriol has turned into widespread protest movements, including the “Tesla Takedown” demonstrations nationwide and abroad on March 30.
Musk was appointed by President Donald Trump to lead DOGE in evaluating bloated federal government budgets across multiple sectors. Trump administration officials have claimed that DOGE has already saved taxpayers $130 billion of a $2 trillion savings goal since its creation in January.
DOGE’s efforts to slash funds have resulted in job losses for thousands of people previously employed by the federal government, including in defense, national parks and various scientific fields.
What To Know
Forbes estimates that Musk’s net worth as of March 31 stands at $337.7 billion, meaning he is still the world’s wealthiest person. Meta CEO Mark Zuckerberg has the second-highest net worth but is lagging behind Musk by $120 billion.
Musk’s presence on the political scene has greatly—and negatively—impacted Tesla. Since Tesla stock hit an end-of-day record of $464 billion on December 17, closing at an all-time high of $480 per share, Musk’s fortune has decreased by $121 billion.
DOGE leader Elon Musk wears a cheesehead hat at a town hall meeting in Green Bay, Wisconsin, on March 30, 2025. Scott Olson/Getty Images
Tesla stock was down 6 percent on March 6. Overall, it was down about 45 percent compared to its record-setting day in late December. That late 2024 record of $480 per share dropped to just above $263 by March 6—Tesla’s lowest share price at the end of a day since 2024 Election Day.
On March 30, protesters participated in a “global day of action” across 200 Tesla showrooms. Anti-Musk protesters have called on Americans to sell or dump Tesla stock to “tank” its value.
The planned protests, coinciding with Musk personally endorsing and speaking for conservative Wisconsin Supreme Court candidates during an in-state visit, led to Tesla shares dropping roughly 4 percent in premarket trading Monday. Analysts expect first-quarter deliveries to decline by as much as 3.6 percent year-over-year, according to Reuters.
Musk has threatened to find and prosecute those responsible for organizing and funding the protests, which organizers called on to be more peaceful than violent events earlier this month.
Tesla is also at the whim of current and future U.S. tariffs.
The company’s stocks have fallen along with the S&P 500, which Forbes reports decreased 1.8 percent in response to Trump’s tariffs on Canada, China and Mexico.
Last week, Trump announced impending 25 percent tariffs on foreign autos that will go into effect this Wednesday, April 2. Trump dubbed it “Liberation Day” and sees the tariffs as a means of bringing manufacturing back to the U.S. Critics argue that these additional tariffs will further reduce consumer sentiment and hamper an already iffy supply chain.
What People Are Saying
Elon Musk in Wisconsin this past weekend: “It’s costing me a lot to be in this job. What they’re trying to do is put massive pressure on me, and Tesla, I guess, to stop doing this. My Tesla stock and the stock of everyone who holds Tesla has gone in half. It’s a big deal.”
What Happens Next
Ben Williamson, the FBI’s assistant director for public affairs, confirmed on X (formerly Twitter) last week that the agency is launching a task force to “crack down on violent Tesla attacks.”
Tesla is anticipated to report its first-quarter delivery numbers this Wednesday.
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