Musk becomes a loser - Trump's tariffs cost Tesla boss several billion dollars

Musk becomes a loser - Trump's tariffs cost Tesla boss several billion dollars FOCUS Online • 10 hours • 2 minutes reading time Elon Musk lost $11.8 billion due to Trump's new tariffs - Tesla shares fell by 5 percent. Elon Musk has lost a lot of money due to President Donald Trump's new tariffs. According to Forbes, his company Tesla's shares fell by 5 percent on Monday, causing his fortune to shrink by $11.8 billion. Musk is Tesla's largest individual shareholder and holds 13 percent of the company's shares. He is also in line for a further bonus of 9 percent. According to Forbes, these losses made him the biggest loser among billionaires. Tesla's shares fell by as much as 7.5 percent at times, the lowest level since January 2nd. The decline came amid a turbulent trading day in which the S&P 500 index also fluctuated sharply, falling by as much as 1.9 percent. A brief suspension of tariffs on imports from Mexico brought only limited relief. Dependence on China hurts Tesla According to Forbes, the tariffs particularly hit companies that are heavily dependent on supply chains in North America and China. This includes Tesla. Tesla CFO Vaibhav Taneja recently warned in a press conference: "The introduction of tariffs will very likely affect our business and profitability." Tesla generated revenues of $20.9 billion from China in 2024, which accounts for more than 21 percent of global sales. Despite the losses, Musk has a fortune of $410 billion. This makes him $150 billion richer than he was on election day, well ahead of the second richest billionaire, Jeff Bezos.