Elon Musk remains the world’s richest person even after losing $29 billion earlier this week alone.

Elon Musk’s net worth has dropped by $132 billion this year as Tesla’s stock price has plunged. Photo: Getty.

Elon Musk had a net worth of $301 billion as of the evening of March 10, according to the Bloomberg Billionaire Index, which is updated to reflect stock values ​​at the close of the market. Musk’s net worth was $330 billion as of March 9, down 6.7% on Monday.

The drop in net worth was due to a drop in Tesla’s stock price. Tesla shares fell 15% on March 10, marking their biggest one-day drop since September 2020. The tech-heavy Nasdaq 100 index fell 4% while the S&P 500 index fell 3%.

Tesla shares have fallen 55% from their peak in December. Musk’s net worth has dropped $132 billion, or more than 30%, this year, according to Bloomberg.

Some Tesla investors are concerned that the billionaire CEO may be spending too much time on his political career in Washington, DC, and not enough on the electric carmaker.

Musk has worked closely with President Donald Trump and the Office of Government Efficiency (DOGE) as they seek to cut waste and fraud in the federal government, including cutting spending and the federal workforce.

Trump has said that the Tesla and SpaceX CEO is leading DOGE, but the White House and the Justice Department have denied that, instead appointing another official as administrator of the DOGE office.

Musk said in an interview with Fox Business that aired earlier this week that it’s not easy to both lead his companies, like Tesla and SpaceX, and work on government efficiency efforts.

When asked how he manages to do both jobs, Musk replied, “It’s very difficult,” followed by a long pause and a sigh.

Tesla facilities have also been the target of a number of attacks, including shootings and other acts of vandalism, which police say may have stemmed from politics and Musk’s work in government.

Asked about those incidents in an interview with Fox News, Musk said he wanted to eliminate waste and fraud in government and that he believed he was “doing the right thing.”