Elon Musk took two significant financial blows on Monday, with stocks in Tesla slumping dramatically to a pice lower than before Donald Trump’s November election victory and X suffering a major outage.
Stock in the EV manufacturer is down more than 51 percent from its all-time high, which was set in December. Traders predicted the tech entrepreneur’s close ties with the president would help with regulation.
However, Musk’s increasingly political social media posts, as well as his association with the controversial Department of Government Efficiency, are seemingly affecting Tesla’s brand in the U.S. and especially Europe.
In addition, on Monday, X was hit with severe outages, with tens of thousands of users reporting their servers down, according to tracking site Downdetector.com.
The Tesla stock dive comes as part of a wider downward trend of losses tied to concerns about Trump’s economic policies, with the tech-centric Nasdaq Composite dropping more than 3 percent.
Later on Monday, Tesla shares fell by more than 14 percent by mid-day after UBS cut its forecast for the automaker’s first-quarter deliveries.
According to Forbes, Musk’s net worth has dropped by a whopping $139.4 billion compared to his record $464 billion set in December – now sitting at just $324.6 billion.
As Tesla’s largest shareholder, Musk is still worth roughly $115 billion more than any other person on Earth, according to the outlet, though his net worth fell by $18 billion Monday amid the stock drop.
