Elon Musk’s net worth has plummeted significantly in 2025 due to market turbulence triggered by Trump administration tariffs, marking one of the most dramatic wealth declines among global billionaires. The Tesla CEO lost since January 2025, with after Trump announced reciprocal tariffs on April 2. By April 7, his net worth dropped below $300 billion for the first time since November 2024, settling at $298 billion.
The tariffs—including a 25% duty on foreign cars—hit Tesla particularly hard, causing its stock to plunge . Musk’s public clash with Trump trade advisor Peter Navarro intensified the fallout, as Musk advocated for a “zero tariff zone” with Europe while Navarro defended protectionist policies. This disagreement led to Musk mocking Navarro’s Harvard economics background, highlighting the rift between Trump’s inner circle and the billionaire.
Despite losing in 2025, Musk remains the world’s richest person—$100 billion ahead of second-place Jeff Bezos. The tariffs erased combined from the top 10 billionaires in just three days, with Meta’s Mark Zuckerberg (-$17.9B) and Amazon’s Jeff Bezos (-$16B) suffering heavier single-day losses than Musk’s $8.7B April 3 decline. Musk’s unique position as both a Trump ally and tariff critic underscores the complex relationship between Washington policymakers and corporate leaders navigating economic upheaval.
