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After reaching more than $486 billion, Elon Musk’s net worth has dropped by almost $90 billion due to Tesla’s poor stock performance so far this year.
The electric vehicle maker’s shares are down by about 13.4% to start 2025, and have dropped by 27% since reaching a mid-December peak that boosted Musk’s net worth to $486.4 billion, according to the Bloomberg Billionaires List. Musk derives about 60% of his wealth from Tesla (TSLA+2.47%) shares and options.
Tesla stock fell by about 6% on Tuesday after its Chinese rival BYD announced a new “God’s Eye” feature for free in all of its vehicles. The Chinese auto maker’s shares jumped on the announcement.
Musk’s wealth surged after his space exploration company, SpaceX, reached a valuation of $350 billion, making it the world’s most valuable startup. Meanwhile, his artificial intelligence startup, xAI, raised $6 billion in funding that valued it at $50 billion.
Last week, Tesla’s stock fell by about 11% — its worst week since plunging in October — due to disappointing global sales. Tesla missed Wall Street’s expectations with its fourth quarter revenue and other earnings metrics when it reported in January.
Meanwhile, Musk’s lawyer, Marc Toberoff, submitted a bid to AI startup OpenAI’s board of directors on Monday for all of its assets, the Wall Street Journal (NWSA-0.95%) reported. A group of investors led by Musk has reportedly offered to buy the nonprofit controlling the AI startup for $97.4 billion.
“It’s time for OpenAI to return to the open-source, safety-focused force for good it once was,” Musk said in a statement shared with the Wall Street Journal through his lawyer. “We will make sure that happens.”
OpenAI chief executive Sam Altman has responded to Musk, saying the AI startup is not for sale.