Tesla Inc TSLA investors had a tough month.

But, no matter how much they lost on the stock recently, one thing is for sure: Elon Musk lost more.

The stock is trading more than 25% lower than its highs in early October–around $265 a share. Not, the stock is below $200 and Musk’s wallet is feeling the pain. Musk owns 411 million shares of Tesla, worth more than $80 billion today. But, less than a month ago, his equity was worth more than $100 billion. 

In total, Musk has an unrealized loss of more than $26 billion throughout the last month. This means that the Tesla CEO has lost more money than the valuation of Delta Airlines Inc DAL, Zoom Video Communications Inc ZM and more. 

Read Also: Battered Tesla Stock Could Cave In Further As Demand Stutters, Warns Bearish Analyst: '#TheTruthHurts'

Here’s how it breaks down: 

• Musk’s unrealized loss - $26 billion
• Delta’s market cap - $20 billion
• Zoom’s market cap - $18 billion
• Snap Inc SNAP - $15 billion
• eBay Inc EBAY - $20 billion

Why Is Tesla’s Stock Down So Much?

Tesla’s stock has gotten hammered throughout the last month for a few different reasons. One of them is because Panasonic, which manufactures Tesla’s batteries, has cut production in Japan and guided down its annual profit guidance by 15%. This could be from weakening demand for new electric cars as higher interest rates make it more expensive and difficult to finance a car. 

Tesla could also be trading lower in sympathy with the overall tech industry. But, the Invesco QQQ Trust Series QQQ, which tracks 100 of the largest U.S. tech companies, is down about 3% in the last month compared to Tesla’s 25%. Tesla also announced new price cuts a few weeks ago in another sign that demand could be weaker heading into 2024.

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