Washington, April 8: Elon Musk's net worth has dropped below $300 billion for the first time since November 2024. This is happening while the US president, Donald Trump, has imposed tariffs (taxes on imports) that are affecting even his close allies. On top of that, global stock markets, including in the US, saw a big drop, causing people around the world to lose trillions of dollars in investments.

Elon Musk lost $4.4 billion on Monday because Tesla's stock dropped during a global market crash. This came after he lost $31 billion last week due to tariff announcements by Donald Trump. In total, Musk has lost $134.7 billion in 2025. On April 7, Musk was one of the top 6 biggest losers among the world's richest people. The global stock markets also dropped significantly because China imposed new tariffs on U.S. goods, raising fears of a U.S. recession. Reports say that Musk asked President Trump to reverse these new tariffs.

Elon Musk disagreed with Donald Trump's plan to add a 50% tariff (tax) on Chinese goods. Musk even spoke directly with Trump to try to stop it, but his efforts didn't work. Trump wants to increase the tax on Chinese goods, adding 50% on top of the 34% tariff that's already been planned.

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