Another day, another dramatic shift in Elon Musk’s fortune. The Tesla and SpaceX CEO saw his net worth drop by a staggering $29 billion in a single day after Tesla’s stock took a major hit. But if you think he’s panicking, think again—Musk’s response? “It will be fine.”
Let’s break down what happened, why Tesla’s stock is crashing, and what this means for Musk moving forward.
How did Musk lose $29 billion overnight?
Tesla’s stock plunged by 15% on Monday, marking its biggest single-day drop since 2020. This nosedive wiped out $29 billion from Musk’s fortune, bringing his net worth down to $301 billion—still making him the richest person on the planet, but with a slightly lighter wallet (NDTV).
The sell-off wasn’t just limited to Tesla. The entire stock market took a hit, with the Nasdaq 100 dropping 4% and the S&P 500 falling by 3% on the same day (Business Insider).
Why is Tesla struggling?
Tesla’s massive stock drop is part of a larger trend of investors pulling out of tech stocks amid growing uncertainty in the market. But that’s not the only reason—here are a few key factors playing into Tesla’s struggles:
- Market Volatility: Tech stocks are getting hammered as investors shift toward safer investments.
- Political Backlash: Musk’s recent clashes with government officials and his vocal stance on reducing government spending have made him a target of criticism.
- Consumer Boycotts & Vandalism: Tesla has faced vandalism and calls for boycotts, with some speculating that it’s linked to Musk’s growing involvement in political debates (Business Insider).
Musk’s Response? Pure Confidence
Despite losing more money in a day than most people could in a thousand lifetimes, Musk isn’t sweating it. His response to the stock plunge?
“It will be fine.”
While others might panic, Musk remains unshaken, focusing on the bigger picture. He’s acknowledged that balancing Tesla, SpaceX, and his government-related efforts isn’t easy, admitting that he’s managing it all with ‘great difficulty’ (NDTV).
What’s next for Tesla and Musk?
Tesla’s stock has seen wild ups and downs before, and Musk has always managed to turn things around. Investors will be watching closely to see if this is just another temporary dip or a sign of deeper trouble ahead.
One thing is for sure—Elon Musk isn’t going anywhere, and if history tells us anything, Tesla’s stock could bounce back sooner than expected.
Final Thoughts
Losing $29 billion in one day is enough to make anyone break a sweat—except Elon Musk. While Tesla’s stock faces uncertainty, Musk remains confident that everything will work out. Whether that means a major rebound or more turbulence ahead, one thing is certain: the Tesla rollercoaster ride is far from over.
