Musk's Wealth Plunges by Around $15 Billion in One Day

BlockBeats News, July 8th: Following Musk's weekend declaration of establishing the third political party in the U.S. called the "America Party," Tesla (TSLA.O) stock price plummeted nearly 7% on Monday. The world's richest person saw his net worth evaporate by about $15 billion in a single day. Investors are concerned that his companies may lose federal subsidies due to conflicts with Trump, facing further obstacles as a result. The formation of a political party is just another public discord action between Musk and Trump. Musk, as the CEO of companies like Tesla and SpaceX, has reportedly donated at least $277 million to the Trump camp during the 2024 presidential election.

The Bloomberg Billionaires Index shows that Musk's personal net worth shrunk by $15 billion in just one day, almost equivalent to the total market value of Tesla's competitor Rivian. According to Forbes' estimation, following Tesla's market value decline, Musk's personal wealth currently stands at $391 billion, down from $405 billion the day before. Despite the decline, he still maintains a lead of over $100 billion compared to the second richest person. (Jinshi)