Musk Takes Biggest Hit In Stock Market Rout Triggered By Tariff Hikes

The stock market tumbled as investors reacted to President Donald Trump’s tariffs before partially recovering after the administration announced a temporary pause on Mexican levies, Forbes reported.

Tesla’s stock fell 5%, wiping out $11.8 billion from Musk’s net worth. I Photo: Tesla X

The hardest-hit companies largely fell into four categories: alcoholic beverage producers, automakers, multinational technology firms with significant exposure to China, and cryptocurrency-focused companies.

No one lost more money that day than Elon Musk, the world’s richest person and a prominent Trump supporter, as Tesla’s stock fell 5%. The drop wiped out $11.8 billion from Musk’s net worth, according to Forbes’ real-time billionaire rankings—making him the biggest loser in the market downturn.