Elon Musk's Government Efficiency Push: A Closer Look at His Financial Gains and Losses

Elon Musk, the world’s wealthiest individual and the CEO of Tesla Inc., SpaceX, and xAI, has stepped down from his official role with President Donald Trump’s Department of Government Efficiency (DOGE).

What Happened: Musk’s decision comes amidst significant fluctuations in his net worth and a series of controversies.

During his time as a presidential advisor, Musk’s wealth saw dramatic ups and downs, primarily driven by his substantial stakes in his companies, especially Tesla.

After the 2024 election, Tesla’s stock skyrocketed, adding $350 billion to its market value within a week and pushing Musk’s net worth past $300 billion for the first time in over three years.

Also Read: Elon Musk: ‘Digging My Own Grave’ by Tying Himself to DOGE

According to a report by Fortune, by December, his wealth had soared to a record-breaking $440 billion.

However, Musk’s association with the government led to a decline in Tesla’s value. His controversial approach to reform sparked widespread protests and acts of vandalism against Tesla dealerships, resulting in a significant drop in Tesla’s value and erasing $100 billion of Musk’s wealth by mid-March.

Why It Matters: Despite these setbacks, Musk’s net worth has bounced back to $386 billion, as per the Bloomberg Billionaires Index.

He has vowed to cut back on political spending and has committed to continue serving as Tesla’s CEO for the next five years.

This commitment to his companies and the reduction in political involvement could potentially stabilize Tesla’s stock and reassure investors.

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Image: Shutterstock/Joshua Sukoff