In one of the most dramatic financial swings of his career, Elon Musk lost an estimated $29 billion in a single day after Tesla shares plunged by 15%. The sharp drop wiped out a massive portion of his net worth—more than the GDP of several small nations combined. What Triggered the Decline? Several key factors played a role: Falling Tesla sales in China: Deliveries from the company’s Shanghai plant dropped nearly 50%, giving local rivals like BYD a stronger foothold in the world’s largest EV market. Increased global competition: Rising electric vehicle manufacturers in Europe and Asia are challenging Tesla’s dominance.
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