Monday was a "horrible, no good, very bad day for Elon Musk," MSNBC reports, as the billionaire Tesla and SpaceX CEO lost nearly $23 billion in net worth. First, Musk claimed his social media platform, X, fell victim to a "massive cyberattack" using "a lot of resources." He later pointed to a "large coordinated group" using IP addresses from Ukraine, per Fox Business. Then Tesla shares continued their tumble, falling more than 15% as analysts described signs of declining sales, likely to affect first-quarter delivery targets and full-year-profit forecasts, and vandalism targeting Tesla vehicles, Axios reports. It was "Tesla's worst day since September 2020," per the Independent.
Tesla shares have fallen more than 53% since an all-time high in December, making Tesla the worst-performing stock on the S&P 500 this year, per Axios. Individual shares were down by more than $40 on Monday. Journalist Yashar Ali reported that for every $10 loss, Musk's net worth dropped $4.7 billion, for a total of $18.8 billion. But Forbes put his losses at $22.8 billion (or "6.66%") on Monday. That means his net worth is hovering around $320 billion, down from a record $464 billion in December, per the Independent. Musk, still the world's richest person by a long shot, appeared to brush off the loss. "But look on the bright side! Always look on the bright side of life!" he told Fox Business, quoting Monty Python's Life of Brian.
President Trump, meanwhile, said he was "going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American." "Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???" the president asked on Truth Social, seemingly referring to Musk's work with the Department of Government Efficiency to make deep government cuts. That work isn't winning over Americans. Three recent polls put Musk's favorability between 39% and 42%, per MSNBC. (More Elon Musk stories.)
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