Elon Musk Loses $29 Billion in a Single Day

Elon Musk’s fortune took a massive hit, shrinking by $29 billion in just 24 hours—a drop bigger than the GDP of many small nations. The main cause? A 15% plunge in Tesla’s stock price. “With great difficulty,” Musk admitted when asked how he handles his many roles, hinting at the mounting pressure.

Why Tesla Stock Plunged

The crash wasn’t random. Fears of an economic slowdown led investors to pull money from risky tech stocks. Tesla, known for its rapid growth, was hit especially hard. Meanwhile, rising competition in China made things worse. Tesla’s Shanghai sales fell nearly 50% in February—its steepest drop in over a year—raising alarms among investors.

Political Controversy Adds to Woes

Musk’s political ties also raised concerns. His involvement with the Department of Government Efficiency (DOGE), seen by critics as a partisan move, sparked backlash. Protests and boycott calls followed. Musk defended his decision: he joined “to reduce waste,” not to engage in politics. But the controversy may have damaged Tesla’s public image.

The Bigger Picture: Tech and Tesla’s Uncertain Future

Despite the loss, Musk remains the world’s richest person with a $301 billion net worth. However, the event shows how volatile tech wealth can be. Tesla must now reassure investors it can face growing competition, especially in China. Musk is known for bouncing back, but the challenges ahead—economic uncertainty, political heat, and fierce rivals—make recovery a tough road.