$100-billion loss to world's richest man Elon Musk: Market volatility comes full circle to hit US automative giant

Market volatility triggered by US President Donald Trump's levy of tariffs worldwide, along with the controversy surrounding Elon Musk’s anointment as head of DOGE, has reportedly contributed to the downfall of the latter’s brand Tesla.

Musk, the world's wealthiest man, became the sixth-largest wealth loser on Monday, due to Tesla’s continued stock decline, bringing his wealth down to $297.8 billion, as per the Bloomberg Billionaires Index.

His net worth has nosedived from over $400 billion to below $300 billion since November. Weak vehicle deliveries and brand damage related to Musk's political stances is said to have let to Tesla's plummeting stock.

As Trump continues to be belligerent on tariffs despite opposition from all corners, including his own country and members of his party, the growing tension between him and Musk has become evident.

Musk has been repeatedly criticising Trump’s top trade advisor Peter Navarro.

As US households are already bearing the brunt of higher prices, Republican senators are confronting the Trump administration over the economic impact of his tariff policy.