By Abiola Olawale
In a financial blow, Elon Musk, a staunch ally of United States President Donald Trump and the world’s richest individual, has seen his net worth dip below $300 billion, a report by Bloomberg Billionaires Index has revealed.
According to the report, this is the first time Musk’s net worth will dip below $300 billion since November 2024.
The development was said to have come as a direct consequence of Trump’s aggressive new tariff policies, which have sent shockwaves through global markets and battered even his closest supporters.
Bloomberg reported that as of April 7, 2025, Musk’s fortune has taken a hit, reflecting the reach of the tariffs that have disrupted industries and tanked stock prices, including that of Tesla Inc., Musk’s flagship company.
The tariffs, announced earlier this month, include a blanket 10% levy on all U.S. imports, with additional punitive rates such as a 14% tariff on Nigerian goods and escalating duties on other key trading partners.
Trump said these measures are intended to address trade deficits and bolster American manufacturing.
However, the announcement triggered a market rout, with Tesla’s stock plunging nearly 20% since the policy rollout.
Bloomberg reported that Musk, whose wealth is heavily tied to Tesla’s performance, has reportedly lost over $30 billion in the days following the announcement, erasing gains made since Trump’s election victory last year.
According to the Bloomberg Billionaires Index, Musk lost an estimated $4.4 billion on Monday as Tesla shares tumbled alongside the broader global sell-off.
He now ranks among the day’s biggest losers, slipping to $297.8 billion in net worth.
