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Elon Musk Experiences Financial Setback Amid Tesla Sales Dip and Political Loss
The past day proved turbulent for Elon Musk, the world’s wealthiest individual, as his net worth diminished significantly. The period saw Tesla, his electric vehicle company, announce its most substantial sales drop on record, coinciding with a reported $20 million expenditure in a Wisconsin Supreme Court race that ultimately resulted in defeat for his favored candidate. This confluence of events contributed to a notable downturn in Musk’s financial standing.
Significant Financial Losses and Market Position
According to Forbes data, Musk was identified as a leading financial loser of the day, with his fortune decreasing by $8.9 billion, or £6.1 billion (2.04%). Despite this considerable financial setback, he maintains his position as the world’s richest person with a substantial net worth of $379 billion, or £288 billion. This figure exceeds the net worth of Jeff Bezos, the second wealthiest individual, by an impressive £137 billion. Bezos’s current net worth is estimated at £149.5 billion.
Musk’s Diverse Portfolio and Recent Political Engagement
Elon Musk is widely recognized for his prominent roles in several influential companies, including Tesla, SpaceX, PayPal, OpenAI, and X (formerly Twitter), which underwent rebranding in 2023. Since 2025, he has also served as a senior advisor to former US President Donald Trump.
Wisconsin Supreme Court Race and Political Investment
However, the preceding 24 hours brought a series of unfavorable developments for the billionaire entrepreneur. The initial setback involved a $20 million unsuccessful investment in the Wisconsin Supreme Court election.
In this highly contested judicial election, liberal judge Susan Crawford triumphed over Brad Schimel, a former Republican Attorney General. Elon Musk and groups associated with the technology magnate reportedly invested millions to bolster Schimel’s campaign, making it the most expensive judicial race in American history.
“Wisconsin stood up and emphatically declared that justice is not for sale,” stated Crawford in her victory address. “Our courts are not commodities to be bought.”
Tesla’s Sales Decline and Market Challenges
Subsequently, Tesla, the electric car manufacturer, disclosed its largest ever quarterly sales drop, reporting a 13% decrease in the first quarter. The company stated that it delivered 336,681 vehicles during the quarter, a reduction of 50,000 units compared to the same period in 2024. This represented Tesla’s weakest sales performance in almost three years, signaling potential headwinds for the company.
Competitive Landscape and Analyst Reactions
This downturn occurred as Tesla’s primary competitor, the Chinese electric vehicle manufacturer BYD, announced a significant 60% surge in sales. BYD, based in Shenzhen, a major city in southern China, sold just over one million new-energy vehicles in the initial three months of 2025. Notably, its pure EV sales experienced a 39% increase, exceeding 416,000 units.
Ross Gerber of Gerber Kawasaki Wealth and Investment Management, an early investor in Tesla, expressed strong disapproval on X, stating, “These numbers are terrible.”
Gerber, a former supporter of Musk who has recently advocated for the board to remove him as CEO, further commented, “The brand integrity is compromised and may be irreparable.”
A prior 6% reversal in Tesla share decline was nullified following confirmation from the Trump administration that Musk is anticipated to conclude his 130-day tenure as a “special government employee” around late May or June.
Historical Net Worth Peak
At his financial zenith, Elon Musk’s estimated net worth reached approximately $400 billion (£304 billion) in December 2024, marking him as the first individual to attain this financial milestone.