Although still the world richest man, Elon Musk has lost $52 billion in net worth this year, Bloomberg Billionaire Index reports.

This is also as Musk’s biggest company, Telsa is experiencing a decrease in sales by more than 40% across Europe. According to reports, Tesla’s market value dropped below $1 trillion for the first time since November 2024.

And though Musk is a deeply polarizing figure, it’s not clear that his politics are playing a major role in Tesla’s sales slump. Growing competition, especially in China, and sinking demand growth in the United States are playing a major role in Tesla’s slump this year.

Nevertheless, Tesla’s stock slide represents a stark change in investors’ attitudes from November 2024, right after Donald Trump won the US presidential election. Musk had never been richer, with his net worth hitting a record $347.8 billion, Bloomberg reported, after a steady rally for Tesla.

Investors believed that Musk’s influence in the Trump administration would usher in an era of deregulation that will benefit the company. Musk, Tesla’s largest individual shareholder, was roughly $83 billion richer since Election Day by the end of November.

Musk is the chief executive of Tesla and SpaceX, as well as the owner of X and the CEO of other ventures, including Neuralink, xAI and the Boring Company. He now oversees the Department of Government Efficiency (DOGE) and has made a number of controversial job cuts and downsizing in the federal government, including thousands of layoffs across agencies.

Musk’s net worth dropped $5.2 billion this past week, according to the latest update to the Bloomberg Billionaire’s Index. He’s still the richest person in the world with a net worth of $380 billion — a whopping $144 billion richer than the second-richest person in the world, Meta CEO Mark Zuckerberg.