Donald Trump’s tariff tantrums tank Tesla stock, Elon Musk’s wealth falls below $300 billion for first time since Nov

Elon Musk, the richest person in the world and closest aide to United States President Donald Trump during his second term in the White House, has seen his wealth slip below $300 billion due to impact of US tariffs.

Donald Trump's tariff tantrums tanked wider markets across the globe, including Tesla stock, which make up the bulk of Elon Musk's wealth.

Notably, while Elon Musk remains the world's richest man, all gains made since Donald Trump's election win last year are now erased. His net worth is below $300 billion for first time since November 2024, according to the Bloomberg Billionaires Index (BBI).

Elon Musk's Wealth Slips Below $300 Billion

According to the index, at time of writing (6.30 am on April 8), Tesla, SpaceX and X (formerly Twitter) Chief Elon Musk's wealth has dropped to $298 billion, shedding a massive $135 billion since Donald Trump's new tariffs announcement last week.

In what has been the sixth biggest loss on the index on April 7, Musk lost $4.4 billion that day, after losing $31 billion on April 3 and 4, following Donald Trump's tariff announcement, as per a Bloomberg report. In 2025, Elon Musk has shed $134.7 billion so far.

The wealth drop comes as Tesla shares slumped over 50 per cent from their December record highs. Speaking about his thoughts on the tariffs, Elon Musk said at the weekend that he hoped the US and Europe would reach a "free-trade zone" agreement and have a "zero-tariffs system."

Notably, Elon Musk's younger brother, Kimbal Musk, has disapproved more vocally. The Tesla board member took to X, saying: “Even if he (Donald Trump) is successful in bringing jobs onshore through the tariff tax, prices will remain high, and the tax on consumption will remain in the form of higher prices because we are simply not as good at making all things."

How Have Other Billionaires Fared? Jeff Bezos, Mark Zuckerberg, Warren Buffett…

Overall, all 500 billionaires on the index have lost at least $500 billion combined since the sweeping tariffs were announced. On April 7, the index lost a collective $271 billion — its third worst day ever, according to the report.

Among the top five, Amazon founder Jeff Bezos has lost $42.6 billion to remain at the second spot, with net worth of $192 billion; while world number three, Facebook and Meta founder Mark Zuckerberg has lost $24.5 billion to land at $183 billion total wealth, according to the index.

Warren Buffet, at fourth spot on the index, is the sole billionaire in the top 18 names to have gained since Donald Trump's tariffs. He added $11.5 billion to his $154 billion net worth.

And only non-American in the top 13, world's fifth richest LVMH patriarch and French citizen Bernard Arnault lost $26.2 billion for net worth of $150 billion, as of April 8, data showed.