Elon Musk's net worth dropped by $29 billion in a single day as Tesla stock crashed on Monday. According to Bloomberg Billionaires Index, his fortune fell from $330 billion on Sunday to $301 billion by Monday evening, representing a 6.7% decline. Since December 2024, when his wealth peaked at $486 billion, Musk has lost $132 billion.

Meanwhile, Strategy, the world's largest public corporate Bitcoin holder, announced plans on March 10 to raise up to $21 billion in new capital for purchasing more Bitcoin. The company currently holds 499,096 Bitcoin valued at $41.2 billion, acquired at an average price of $66,423 per Bitcoin.

Tesla shares closed at $222.15 on the Nasdaq on Monday, down 15.43% or $40.52, marking the company's steepest single-day decline since September 2020. The drop comes amid broader market concerns, with the Nasdaq 100 falling 4% and the S&P 500 losing 3% on fears of economic slowdown sparked by the Trump administration's tariff moves.

The selloff follows reports of significant sales declines for Tesla globally. Orders in Germany have reportedly dropped by 70%, while shipments in China have fallen by 49%. Analysts attribute this downturn to increased competition from rival electric vehicles, particularly from China, as well as Musk's political activities.

While Tesla struggled, Musk's social media platform X experienced a widespread outage on Monday. Tens of thousands of users reported issues, with Musk attributing the disruption to a "massive cyberattack." In a Fox Business interview, he suggested the attacks appeared to originate from the area of Ukraine.

Musk is currently balancing his business responsibilities with his role as chief of the Department of Government Efficiency (DOGE) in the Trump administration. In a recent interview, he acknowledged running his companies "with great difficulty" while working for the government has been challenging.

President Trump expressed support for Musk on Tuesday, claiming "Radical Left Lunatics" were attempting to "illegally and collusively boycott Tesla." Trump pledged to purchase a Tesla vehicle as a show of support, helping the stock climb more than 3% in pre-market trading on Tuesday.

Despite these challenges, Musk remains optimistic about Tesla's future. Responding to concerns about the company's sliding share price, he tweeted, "It will be fine in the long term." Similarly, after a recent SpaceX Starship rocket failure that scattered debris and caused flight disruptions, Musk downplayed the incident as "a minor setback."