Elon Musk Loses $113 Billion in 100 Days

While Musk has been raging and touring the government, his private companies—such as SpaceX, the brain-implant project Neuralink, and the artificial intelligence startup xAI—have received new funding, while the debt he took on when Twitter was spun out into a private company, now known as X—has soared.

But Tesla, Musk's only publicly traded company and the source of his wealth, has been the hardest hit by public anger toward him and his policies. Tesla's stock has fallen 33% since his inauguration, and sales of the electric car maker have collapsed.

In terms of personal wealth, his alliance with Trump has so far cost him $113 billion, with his fortune down 25% since January 17, according to the Bloomberg Billionaires Index.

From day one, Musk began cultivating Silicon Valley allies within U.S. agencies. The Department of Government Efficiency granted him unprecedented access to government databases, giving him insight into the workings of the agencies that regulate and help fund many of his companies.

While Musk initially promised to cut $2 trillion in wasteful government spending, the Department of Government Efficiency's own data indicates that the initiative has saved only $160 billion so far.

Public sentiment toward the department's project is negative. A Washington Post/ABC News/Ipsos poll released Monday showed that 57% of Americans disapprove of Musk's performance in Washington, up from less than half in February.

None of Musk's companies has been more damaged than Tesla, prompting investors and analysts to publicly plead with Musk to return. The company has lost $448.3 billion in market value since January 17, more than double the amount the Department of Government Efficiency claims it has saved so far. 

Tesla's cars, showrooms, and Supercharging stations have been the target of protests, arson, and vandalism. The Cybertruck—the stainless steel vehicle closely associated with Musk—has been a particular target.

After Tesla's worst quarter in years, Musk finally acknowledged the company's pain at the start of an earnings call last week.

Unlike Tesla, SpaceX has benefited greatly from Musk's time in Washington. While many people think of Musk as Tesla's CEO, he's best understood as a long-term government contractor. The impact was immediately apparent in the president's inaugural address, when Trump expressed the same enthusiasm as Musk for going to Mars.

Trump chose Jared Isaacman, a billionaire who has twice paid for rides on SpaceX capsules, to lead NASA. Then, in February, the Justice Department dropped a lawsuit against SpaceX alleging employment discrimination.

In recent months, SpaceX has benefited from greater government support, with the Department of Defense awarding it $5.9 billion to launch intelligence satellites into orbit, a sum higher than its competitors.

It also received Republican support for a larger role in a $42 billion federal project to bring high-speed internet to rural America, prompting complaints from Democrats.