Elon Musk Loses $29 Billion In A Single Day As Tesla Stocks Plummet

New York  – Tech billionaire Elon Musk saw his net worth shrink by a staggering $29 billion in a single day following a sharp decline in Tesla’s stock price. According to the Bloomberg Billionaires Index, Musk’s fortune dropped from $330 billion on Sunday to $301 billion by Monday evening, marking a 6.7% decline. Since the start of 2025, his net worth has fallen by $132 billion from its peak of $486 billion in December 2024.

Tesla’s Stock Takes a Hit

The primary factor behind this financial setback is the sharp downturn in Tesla’s stock value. On Monday, March 10, Tesla shares tumbled 15.43%, closing at $222.15 on the Nasdaq, down $40.52 from the previous trading session. This marks Tesla’s steepest single-day decline since September 2020, when its shares plummeted 21.1% to $110.

The electric vehicle giant has been facing mounting challenges, including a slowdown in global sales. Reports indicate that Tesla's orders in Germany have dropped by 70%, while shipments in China have fallen by 49%. The broader stock market downturn, exacerbated by concerns over economic instability and new tariff policies from the Trump administration, further contributed to the stock's decline. The Nasdaq 100 fell 4%, and the S&P 500 lost 3% amid a widespread selloff.

Musk’s Response: “It Will Be Fine”

Despite the financial setback, Musk remains confident in Tesla’s long-term growth. Responding to concerns about the stock decline on social media, Musk stated, “It will be fine in the long term.”

Musk's recent political involvement as head of the U.S. Department of Government Efficiency (DOGE) has sparked debate among investors and analysts. His dual role has raised concerns about his ability to effectively manage Tesla while navigating the complexities of government work.

Challenges Across Musk’s Business Empire

Tesla is not the only Musk-led company facing difficulties. His social media platform, X (formerly Twitter), suffered a widespread outage on Monday, with tens of thousands of users reporting issues. Musk attributed the disruption to a large-scale cyberattack, writing, “There was (still is) a massive cyberattack against X. We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved.”

Meanwhile, SpaceX has also encountered setbacks, particularly with its highly anticipated Starship program. The first two Starship rocket launches ended in failure, with the most recent attempt on Thursday resulting in debris scattering over a wide area, causing temporary flight disruptions. The previous explosion in January had similar consequences, with debris reaching as far as the Turks and Caicos Islands.

Despite these challenges, Musk downplayed the significance of the failures. Posting a photo of himself inspecting rocket debris, he wrote, “Today was a minor setback.” He reassured SpaceX supporters that the next Starship launch is expected within 4 to 6 weeks, emphasizing that progress in space exploration is measured over time.

Investor Concerns Mount

While Musk remains optimistic, investors are increasingly concerned about Tesla’s performance and Musk’s ability to juggle multiple ventures. Analysts warn that Tesla’s declining sales, combined with Musk’s government role and ongoing legal battles, could impact the company’s future market position.

As the markets react to these developments, all eyes remain on Tesla and Musk’s broader business empire to see whether the billionaire’s confidence will translate into a market rebound in the coming weeks.