Elon Musk’s finances have taken a hit after his wealth drops below $400 billion for the first time.
Before we get out a tiny violin, the billionaire is still the world’s richest man.
But his net worth has shrunk after Tesla stocks continue to lose value in the first couple months of the year.
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In recent months, Tesla has seen its shares plummet as Musk has taken on a new role in President Trump’s administration.
Assuming the role of head of the Department of Government Efficiency (DOGE), Musk has turned his focus on the Treasury Department.
While DOGE isn’t technically a governmental body, the department has been described by Trump as an outside advisor on government spending.
Since his appointment, Musk has been granted access to the Treasury’s payment system, a move that has proven to be controversial among the public.
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Fears continue to grow that the Tesla boss could potentially have access to confidential and personal information including Medicare benefits payments and social security numbers of millions of Americans.
As a result, there have been a wave of protests and vandalism against Tesla.
At one protest at a Tesla dealership in southern California, one protestor told KSBY that Musk ‘is shredding our democracy’.
Another protest was held at a Tesla showroom in Manhattan where one organizer spoke to amNewYork, saying: “We were upset with Musk taking over the government.”
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And according to Oppenheimer analysts, there is a specific reason why they believe Tesla is going through a slump.
They said: “Musk’s political activity has fans in certain circles, but his public life risks alienating consumers and employees as the Trump administration tests the limits of its power.”
The legality of the practices by the Trump administration has been called into question after 19 state attorneys general sued the government, claiming that giving DOGE access to the records violates federal law.
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A preliminary injunction was also put in place by a judge to halt Musk from accessing Treasury data, something he wasn’t best pleased about.
Taking to his own social media platform X, formerly Twitter, the SpaceX CEO said: “How on Earth are we supposed to stop fraud and waste of taxpayer money without looking at how money is spent?”
In the judge’s order, it said that states would ‘face irreparable’ harm if immediate relief wasn’t implemented.
The order continued: “That is both because of the risk that the new policy presents of the disclosure of sensitive and confidential information and the heightened risk that the systems in question will be more vulnerable than before to hacking.”