11 March 2025 , 13:39
816
0
Elon Musk’s financial misery has exploded like a SpaceX rocket as he lostover £102,000,000,000 since the beginning of the year.
The Tesla CEO’s car company has taken a beating on the US stock market and he lost £14billion yesterday alone.
President Trump has promised to buy a Tesla tomorrow to support Musk’s ‘baby’ following boycotts and protests against his advisor.
Bloomberg’s Billionaire Index has revealed Musk lost $132 billion (£102billion) since the beginning of 2025.
This means Musk has been losing a million pounds a minute.
He remains the world’s richest man, £65billion ahead of Amazon’s Jeff Bezos.
The X CEO has faced backlash for his leadership of Trump’s Department of Government Efficiency which has cut 222,000 government jobs in a under three months.
Angry Americans have vandalised Tesla showrooms and vehicles, while orders for the car plummeted in Europe and China.
Tesla stocks it an all-time high in December, but have now dropped by more than 28% in the last month and nearly 32% since the beginning of the year.
Tesla’s stocks have lost billions in value since the beginning of the year (Picture: Google)
This all left Trump’s right hand man on the brink of tears last night as he spoke with Fox Business about the challenges he is facing.
He told the show he was running his businesses ‘with great difficulty’.
Musk also took to X to say Tesla ‘be fine long-term’.
The DOGE head said his department was making good progress, claiming he had achieved £3billion worth of savings a day.
Trump swooped in to rescue Musk last night, who he said was doing a ‘FANTASTIC JOB’.
Trump has leapt to Musk’s defense (Picture: Truth Social / Donald Trump)
He posted on Truth Social: ‘The Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s ‘baby,’ in order to attack and do harm to Elon, and everything he stands for.
‘In any event, I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American.’
Musk is not alone in the financial doldrums. Bloomberg reports that five of the billionaires who were at Trump’s inauguration have lost a combined £162billion in wealth since then.
The world’s richest man did spend almost £200million on Trump re-election campaign.
He has been irking other members of Trump’s top team over his job and cost-slashing agendas.
The New York Times has reported bust ups between Musk and Secretary of States Rubio and Duffy.
Even the US President admitted there had been ‘a little bit of an argument here and there’.
Trump also faces troubles of his own as stocks plummeted across the country amid growing U.S. economic concerns around trade wars.
Wall Street lost over £3trillion (£3,000,000,000,000) from the stock market index S&P 500’s peak last month.
Musk also claimed yesterday a large, coordinated group or country was the cause of a massive X outage.
He later claimed the ‘massive cyber attack’ came from IP addresses originating in the Ukraine area, although industry sources disputed the this.
Editor-in-Chief