Elon Musk’s DC power grab hasn’t been the Tesla-stock jet fuel investors were expecting. Tesla shares have fallen more than 40% since January — erasing all of the “Trump bump” that briefly saw the stock gain more than 90% after Election Day.

Tesla shares have dropped over 50% in price since December 2024, significantly impacting Musk's wealth. The top ten wealthiest people in the world, including Musk, are collectively worth $1.736 trillion.

Elon Musk’s most valuable asset as Tesla’s stock continues to tumble. The shift marks the first time in five years the rocket company has meant more to Musk’s pockets than his automotive company. Forbes estimates that the Department of Government Efficiency chief’s 42 percent slice of SpaceX is worth $147 billion—almost $20 billion more than his Tesla shares.