Tesla Inc (NASDAQ: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 (NYSE:DAL), Zoom Video Communications Inc (NASDAQ:ZM) and more. 

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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 (NASDAQ:SNAP) - $15 billion
• eBay Inc (NASDAQ: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 (NYSE: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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