In fact, his friend Donald Trump had to step in and defend him on Truth Social, claiming that “the Radical Left Lunatics” are trying to hurt “Elon’s ‘baby.’”

Has plummeted more than 50%
The drama is all tied to some wild moves on Wall Street, much of it sparked by Trump’s unpredictable changes in U.S. trade policy.

And Musk, unfortunately for him, is taking a massive financial hit.

Last week, Musk lost nearly $9 billion as Tesla’s stock crashed. By the end of Thursday, Tesla’s stock had dropped 6%, wiping out $8.8 billion from Musk’s net worth. His fortune dropped from $464 billion in December to just $342.8 billion.

Tesla’s stock has plummeted more than 50% since December, shocking both shareholders and analysts.

In mid-December 2024, the stock was near an all-time high of around $480 per share. By early March 2025, it had dropped to about $220, wiping out over $800 billion in market value — the biggest decline Tesla has experienced in years.

Tesla’s recent drop in stock value lines up with the time Elon Musk spent during Donald Trump’s presidency. As most people know, the founder of Tesla and SpaceX, Elon Musk, has been appointed head of DOGE (the newly-formed Department of Government Efficiency). His mission is to cut costs wherever possible.

On paper, his goal is to eliminate what he views as wasteful spending of taxpayers’ money, and to achieve this, he has started working on dramatically reducing the federal workforce.

It’s clear that Tesla’s decline has taken a toll on Elon Musk. In a recent interview with Larry Kudlow on Fox Business, the Tesla CEO seemed visibly stressed and emotional when discussing the challenges his companies are facing.

Musk opened up about the difficulty of managing multiple businesses, admitting it was becoming increasingly tough, especially as Tesla’s stock hit its biggest drop in over three years.