Tesla stock drop costs Elon Musk $29 billion

Tesla shares dropped over 15% on March 10, 2025, due to concerns about slowing sales and increased competition from BYD in China. This decline resulted in Elon Musk losing $29 billion in a single day. Musk's net worth is now $301 billion, down $132 billion for the year. Despite the loss, he remains the world's richest person, significantly ahead of Amazon's Jeff Bezos, who has a net worth of $216 billion. Tesla's shipments from its Shanghai plant fell 49% in February, marking the lowest monthly total since July 2022. Additionally, registrations in Germany dropped by 70% in early 2025, prompting analysts to lower delivery projections for the company.