Elon Musk officially holds the record for the largest personal fortune loss ever.

Just four months after achieving a record net worth of $400 billion, which made him the richest person in the world by a landslide, Musk’s net worth has dropped below $300 billion to $297.8 billion. This makes him the biggest loser on Bloomberg’s list of the top 500 Richest Individuals.

The loss, on paper, is primarily due to Tesla’s share price plunging; since its inauguration, Tesla’s stock has dropped 33%.

According to the Bloomberg Billionaires Index, Musk’s personal wealth has dropped 25% since January 17, heavily linked to the perception of his relationship with President Donald Trump, which has cost him $113 billion.

Musk’s contributions to Trump’s political shifts – such as the widespread federal layoffs – have seen his popularity drop immensely, with a new poll showing two-thirds of Americans are uncomfortable with his degree of influence over the government.

As head of the DOGE, Musk has full access to government databases, including the inner workings and finances of the agencies that fund his many private businesses.

While Musk originally claimed that he would cut $2 trillion in wasteful government spending, the DOGE’s own accounting shows that Musk’s initiatives have presently only saved the government $160 billion, and come at the cost of thousands of layoffs.

Though all his personal businesses have taken a hit since the inauguration, Tesla has been the most prominent recipient of public outrage. Protests across the nation are spurring acts of vandalism on Tesla cars, particularly Cybertrucks. Since January 17, Tesla has lost $800 billion in value.

Last week, Musk acknowledged the financial hit Tesla has taken, saying, “There’s been some blowback for the time that I’ve been spending in government.” He went on to say that in May his “time allocation to DOGE will drop significantly.”

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Article by Baila Eve Zisman

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