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Musk's net worth dips by $30b amid unease over tariffs, cost cutting
The Straits Times
|February 27, 2025
NEW YORK Mr Elon Musk's net worth fell by US$22.2 billion (S$29.7 billion) on Feb 25 his fourth-largest one-day loss as stock markets faltered on scepticism about potential tariffs and ongoing federal cost-cutting efforts.
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Tesla, which makes up more than half of Mr Musk's fortune, was particularly hard hit after reports that its sales in Europe where Mr Musk's favourability has tumbled as he inserted himself into domestic politics plunged by almost half in January.
Shares of the electric-car maker fell by 8.4 per cent in New York, sending its market value below US$1 trillion for the first time since Nov 7, 2024.
The Trump administration's most prominent policies including federal budget cuts and tariffs have not yet generated the booming stock market the President promised on the campaign trail.
Esta historia es de la edición February 27, 2025 de The Straits Times.
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