Tesla CEO Elon Musk's net worth drops by over £113.04 billion ($146 billion) to £263.57 billion ($340.4 billion) as of 1st April

As of December 2024, Musk owned 410794076 Tesla shares, or nearly 12.7% of the company. So, whenever the stock price drops by £1.88 ($2.43), the price movement costs him £774.31 million ($1 billion).

Elon Musk's net worth dropped by over £113.04 billion ($146 billion) in the first quarter of 2025 as the US president Donald Trump reelection saw further gains in the US markets push up tech behemoths.

According to the richest people in 2025 list compiled by British news outlet, Musk's net worth peaked at £376.31 million ($486 billion) in December 2024. However, by 1st April, his wealth had dwindled to £263.57 billion ($340.4 billion), marking the steepest decline in 2025. Despite this reduction, Musk retains his title as the wealthiest individual.

As of December 2024, Musk held 410,794,076 Tesla shares, which amounted to nearly 12.7% of the company. Consequently, whenever the stock price drops by £1.88 ($2.43), the price movement reduces his wealth by £774.31 million ($1 billion).

His Tesla stake was valued at £152.53 billion ($197 billion) when shares reached their peak of £371.56 ($479.86) on 17th December. Since then, the stock price has declined by 170p ($220) from its late 2024 peak, closing at £200.67 ($259.16) on 31st March. During several days this year, Musk's net worth plummeted by £7.74 billion ($10 billion) in a single trading session.

Tesla stock is down more than 31% YTD amid weak yearly performance and as market participants believe that Musk is stretched too thin with his role at the US Department of Government Efficiency and various other startups, including SpaceX and xAI.

Moreover, Musk’s actions to downsize the government workforce and close aid programs and federal offices are driving a mass exodus of Tesla drivers as rival companies like Warren Buffett-backed BYD capitalize on the situation.

Tesla EVs have been vandalised and set on fire while BYD recently announced a charging technology that it claims is more than double the speed of Tesla’s.

BYD's EV sales fell 1% to 1.8 million in 2024 as the Chinese firm's sales hit a record high of 4.3 million. Meanwhile, Chinese rivals Zeekr and Xpeng became the first to offer level 3 autonomous driving.

Tesla customers boycotting the company is also helping companies like Lucid Motors, whose CEO Marc Winterhoff claimed in a recent FoxBusiness interview that "50% of all of the orders we have are from former Tesla owners,” attributing it to a growing “negative feeling about Elon” as many are looking “for an option to not continue having a Tesla.”

A brokerage downgraded its 12-month stock price target and RBC Capital expects 364,000 deliveries in Q1, missing consensus estimates of 398,000.

Stifel slashed its price target on Tesla to £352 ($455) from £367 ($474), while Deutsche Bank lowered its price target for the EV maker to £267 ($345) from £325 ($420). Meanwhile, Morgan Stanley trimmed the firm’s price target to £317 ($410) from £332 ($430). However, these brokerages kept a “Buy,” or “Overweight” rating on the stock.

Tesla’s turmoil worsened as it recalled over 46,000 Cybertrucks in the US to fix an exterior panel after customers complained about loose bodywork.

Elsewhere, several board members and a company executive sold over £77.43 million ($100 million) of the stock last month. James Murdoch, a board member, sold almost £10.06 million ($13 million) of Tesla shares on 10th March, when the stock fell the most in any single day over the past five years.