Elon Musk’s Net Worth Drops $17 Billion As Tesla Shares Plunge

Forbes

Shares of Tesla plunged Thursday morning, accounting for a more than $17 billion cut to Elon Musk’s net worth, after Musk warned his automaker would likely have a “few rough quarters” ahead as federal electric vehicle tax credits expire soon.  Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2025/07/24/elon-musks-net-worth-drops-17-billion-as-tesla-shares-plunge/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

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00:00Tesla CEO Elon Musk's net worth dropped by $17 billion as of around 1.30 p.m. Eastern Time

00:07after Musk warned his automaker would likely have a rough few quarters ahead

00:11as federal electric vehicle tax credits expire soon.

00:15The automaker's shares fell more than 8% on Thursday morning to just over $303 per share.

00:21According to its second quarter report, which came out Wednesday,

00:25the company experienced its largest drop in quarterly revenue in a decade.

00:28It also reported a loss of nearly $600 million in revenue from automotive regulatory credits.

00:35Musk has a 12% stake in Tesla, but this movement in the company's shares has reduced the value of

00:41his stake from $136.3 billion to $124.1 billion. Musk, however, is still the wealthiest person in

00:49the world. Tesla's shares have fallen more than 12% on the year, though the stock has rebounded

00:55in recent months after Musk departed the Trump administration as a special government employee.

01:00The latest hit to Tesla's business comes after Trump signed his so-called One Big Beautiful Bill,

01:06which eliminated a tax credit for consumers who buy or lease EVs.

01:10During Tesla's earnings call, Musk said the company, quote,

01:13probably could have a few rough quarters, end quote,

01:15when asked about the possible impact of Trump's policy bill.

01:19Set to take effect after September 30th, the bill would eliminate a $7,500 tax credit for

01:24the purchase or lease of a new EV. Musk opposed the cuts to EV and other clean energy credits,

01:30saying they would be destructive to the U.S. after saying in December of 2024,

01:35he believed, quote, we should get rid of all the credits.

01:39For more on this story, check out the article at the link in the description.

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