March 4th 2025.
According to a recent report by Fortune, the net worth of some of America's most prominent billionaires, including the Director of DOGE, Elon Musk, has taken a major hit. Since February, their fortunes have plummeted by a whopping $10 billion each day. This is a significant decline from the beginning of the year when tycoons like Mark Zuckerberg from Meta, Jeff Bezos from Amazon, and Musk himself, were seeing their wealth grow at an impressive rate. At the 2025 inauguration, it was estimated that these three individuals alone had a combined wealth of $314 billion, equivalent to the salaries of 15 million workers. However, things took a turn for the worse as the year progressed.
Musk, who was also a key player in the Trump administration, has experienced the biggest loss so far in 2025, with his net worth dropping by $11.3 billion, according to Newsweek. His company, Tesla, has also been negatively impacted, despite reporting a revenue of $25.7 billion, up by 2.1% from the previous year. This is below market forecasts, and experts believe that Musk's increased involvement in politics may be one of the contributing factors. Additionally, the launch of the DeepSeek chatbot, a revolutionary Chinese AI model, has caused billions to be wiped off the stock market, further affecting Tesla's performance.
A recent report from a Barclays analyst stated that Tesla's fundamentals are taking a backseat to the company's narrative, which has been on hyperdrive since the US Elections in November. This is an indication of the influence that Musk's political involvement has had on the company's success. The launch of DeepSeek has also had a significant impact, with some of the world's wealthiest individuals, such as Google founder Larry Page and Oracle co-founder Larry Ellison, losing billions in personal wealth.
While these numbers may seem alarming to the average person, for the billionaires, it may just be a drop in the bucket. Despite facing a $90 billion deficit, Musk is still considered one of the wealthiest men in the world, with Tesla's market cap at a staggering $1.25 trillion, making it the eighth most valuable company in the world. This is in spite of the controversy surrounding Musk's controversial salute at Trump's inauguration, which was compared to a Nazi salute by many. In protest, Tesla drivers even removed the company logo from their vehicles, but it seems that this has had little impact on the company's success.
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