Tesla's Post-Election Gains Have Largely Vanished

Tesla’s current weakness, whether caused by Musk’s political actions or not, has not gone unnoticed by the company’s shareholders. While the company’s share price nearly doubled in the weeks after Trump’s election victory, it has been on a steady downward slope for the past two months. Since peaking at $479.86 on December 17, Tesla’s share price has dropped almost 40 percent, with the downward trend picking up speed after the inauguration, Musk’s controversial gesture at the festivities and his disruptive role in the new administration.

Given Musk’s position as Tesla’s largest shareholder, his net worth plummeted by more than $80 billion so far this year and by more than $100 billion since mid-December. According to Bloomberg’s Billionaires Index, Musk remains the wealthiest person on the planet by a considerable margin though. With an estimated net worth of $351 billion, he is still more than $100 billion clear of Meta CEO Mark Zuckerberg and Amazon founder Jeff Bezos at $236 and $232 billion, respectively, as of March 3.