Elon Musk has seen $148 billion wiped off his net worth since January

Tech billionaire turned unelected American bureaucrat Elon Musk is reportedly losing billions from his net worth each day, as his controversial political actions continue to damage his companies’ reputations.

The 53-year-old’s wealth is reportedly declining at an eye-watering pace, having lost a whopping $148 billion since January 17 this year – nearly quadruple the yearly cost to wipe out world hunger by 2030.

According to the Bloomberg’s Billionaires Index, SpaceX and Tesla CEO Musk lost $29 billion on Monday (10 March) alone largely due to a sharp decline in his car company’s stock, as well as investor concerns over dipping sales.

Analysts have reported, according to CNBC, that Tesla’s stock had its worst day since 2020 on Monday, and had dropped by 45 per cent since 2025 began.

The stock plummet took place against a backdrop of protests and boycotts against what critics have started to call “swasticars”, a reference to Musk’s hugely controversial Nazi-style gesture at Trump’s inauguration.

A group called Everyone Hates Elon is currently urging people to boycott the electric car brand. In an interview earlier this month, the group told The Hollywood Reporter that the incident at Trump’s inauguration gave them the impetus they needed. “OK, Elon, if you’re going to show the world who you are, let’s show the world who Tesla really is,” a spokesperson told THR, adding that the car company’s business is where the public can best vote against the tech mogul.

“How much money did Elon Musk lose today?”

The news of his drop in wealth caused the phrase “how much money did Elon Musk lose today?” to begin trending in Google and on social media. However, Musk’s unnaturally massive wealth still stands firm, landing at $342 billion according to Forbes – over 10,300 times the amount of money an average American person will see in their entire lifetime.

This means that the hugely controversial billionaire, who once responded to an anti-Semitic conspiracy theory post saying: “You have said the actual truth” – is still the richest man on the planet, according to Forbes’ real-time billionaires list.

Since taking the reins of the newly-created Department of Government Efficiency (DOGE), as an unelected official, Elon Musk has emboldened US president Donald Trump’s attempts to strip the rights of marginalised groups and already financially strained groups, including a proposed cut to welfare such as social security, Medicaid, and medicare.

Responding to the growing animosity against Musk’s actions, the president wrote on his own social media site, Truth Social, that he planned to buy a Tesla car, whilst claiming boycotts of his products are illegal.

“I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support of Elon Musk, a truly great American,” he wrote, blaming “radical left lunatics” for “illegally and collusively” boycotting Tesla.

It is not illegal to boycott private organisations and is, in fact, a First Amendment right for people across the US to choose where they access their goods and services.