Elon Musk loses billions due to US trade tariffs

Elon Musk's net worth has decreased by more than $110 billion since December 17, 2024, reaching $353.2 billion, reports Forbes magazine. The significant drop was caused by new tariffs imposed by US President Donald Trump's administration on Canada and Mexico, as well as increased duties on Chinese goods.

According to Forbes, after the introduction of these economic measures, Tesla shares fell by 15%, resulting in Musk losing $1.5 billion in just one day. Experts note that Tesla will suffer serious losses due to the new tariffs, as China is the company's second-largest market for electric vehicles. Additionally, Tesla's car production heavily relies on parts imported from Canada, making it dependent on external supplies.

Interestingly, just a few days before this, on December 11, 2024, Bloomberg reported a new record for Musk's wealth, as he became the first person in the world to surpass the $400 billion mark. This jump was driven by a successful sale of SpaceX shares, which increased the entrepreneur's wealth by $50 billion.

However, on December 17, 2024, Forbes recorded Musk's maximum asset level at $464 billion. Now, as a result of the sharp drop in Tesla stock value, his wealth has significantly decreased.

Recall that on March 4, 2025, the US administration decided to impose 25% customs duties on almost all imports from Canada and Mexico. Additionally, tariffs on Chinese goods were increased from 10% to 20%, which significantly affected the market situation and the stock value of major companies, including Tesla.

Experts believe that Musk's financial losses may be temporary, however, US trade policy continues to cause serious concerns among investors and entrepreneurs.