Elon Musk, the world’s richest person, saw his net worth decline by a staggering $22.2 billion in a single day, bringing his total fortune down to approximately $364.3 billion. The sharp drop came as Tesla shares tumbled by 8.4%, dragging the company’s market value below the $1 trillion mark for the first time since November 7 2023
Tesla’s European Sales Plummet
A major factor behind the decline was Tesla’s disappointing sales performance in Europe, where demand for its vehicles plunged by nearly 50% in January 2024. The automaker, which makes up more than half of Musk’s fortune, has been facing increased competition from Chinese electric vehicle (EV) manufacturers, as well as slowing demand in key markets.
Tesla’s struggles in Europe are particularly concerning, as the region is a critical growth market for EVs. Companies like BYD and other Chinese automakers have been aggressively expanding, offering cheaper alternatives to Tesla’s popular models.
