Tesla stocks are down by 15%, the worst since September 2020.
The EV giant's share prices are down by 50% from their all-time high. The tanking stocks cost the world's richest billionaire a whopping $18 billion decline in his net worth. From his peak net worth of $464 billion in December 2024, Musk's wealth dropped by $139.4 billion to $324.6 billion.
Tesla sales have been plummeting in the European Union as well, where the market for EVs is growing with rival Chinese clawing their way into the market. Musk's alleged 'Nazi Salute' during Trump's inauguration played a vital role, along with his election interference via X/Twitter, endorsing far-right candidates in the EU, including Germany, Italy, and elsewhere.
Elon Musk's close ties with President Donald Trump have not translated into growing revenue for his EV business.
Amid growing protests across the EU, Tesla facilities across the US are witnessing vandalism. Several vehicles have been torched. Amid all the Tesla woes, Elon Musk's $44 billion acquisition of X/Twitter suffered multiple outages yesterday within the span of a few hours. The billionaire tech mogul blamed it on a major cyberattack. However, the plunging stocks and net worth are not courtesy of his own shenanigans. President Trump's economic policies, including the tariff wars, are equally to blame for leading the world into another wave of recession, also dubbed 'Trumpcession.'
Meanwhile, President Trump has wholeheartedly endorsed his billionaire buddy on Truth Social. Elon Musk reshared the post on X/Twitter. In the post, Trump launched a scathing attack on naysayers and Musk critics. He wrote, "Elon Musk is doing a FANTASTIC JOB." Trump blamed the "radical left lunatics" for boycotting the Tesla movement. He remarked,
The radical left lunatics are trying to illegally and collusively boycott Tesla, one of the world's great automakers and Elon's "baby" in order to attack and do harm to Elon and everything he stands for."
Trump added,
They tried to do it to me at the 2024 Presidential Ballot Box, but how did that work out? In any event, I am going to buy a brand new Tesla tomorrow morning as a show of confidence and support Elon Musk!"
Reactions poured in. Take a gander.
See Also: Tesla Stock Gains Since Election Day Almost Completely Wiped Out As Plunge Continues
See Also: Tesla Car Advertisement In London With A Nazi Reference Goes Viral; Internet Appeals Boycott Of Elon Musk
See Also: Elon Musk-led Tesla To Open Its First India Showroom In BKC At Rs 35 Lakh Monthly Rental; Internet Has Thoughts
Cover: Patrick Gawande / Mashable India