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Time of India
08-07-2025
- Automotive
- Time of India
Tesla loses $68 billion in a single day after CEO Elon Musk announced America Party; analyst say ‘there is broader sense of exhaustion…'
Elon Musk recently announced the formation of a new political party called America Party. A day after the announcement, Tesla shares declined by nearly 7% on Monday (July 7), losing more than $68 billion in market cap in a single day. The tech billionaire's role in politics has made some investors uneasy. Earlier this year, he played a key part in the Department of Government Efficiency (DOGE) and worked closely with President Donald Trump — a move some feared could damage Tesla's image. Musk stepped away from the task force in May, which gave Tesla's stock a boost. But now, with him getting involved in politics again, investors are starting to worry once more. Tesla investors raises concerns about Musk's involvement in politics Dan Ives, global head of technology research at Wedbush Securities, said in a note recently: 'Very simply Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/shareholders want him to take during this crucial period for the Tesla story'. 'While the core Musk supporters will back Musk at every turn no matter what, there is broader sense of exhaustion from many Tesla investors that Musk keeps heading down the political track,' he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo In 2025 alone, Tesla shares have already dropped 27% as Musk has devoted more time in politics, hurting Tesla's stocks. A Bloomberg report quotes equity analyst Jed Dorsheimer saying 'The company is set to lose more than $80 billion in market valuation if current losses hold'. Elon Musk's net worth declines Not only Tesla shares, but Musk's fortune is also taking a hit because of his involvement in politics. The Tesla and SpaceX CEO lost $15.3 billion in his net worth on July 7. The world's richest person's wealth has dropped by $86.7 billion year-to-date. According to Bloomberg Billionaire's Index, Elon Musk's current net worth stands at $346 billion. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
08-07-2025
- Automotive
- Mint
Tesla shares fall 7%, $68 billion market cap lost in single day — Elon Musk's net worth drops by THIS amount
Tesla shares nosedived on Monday as its CEO Elon Musk announced he is launching a political party, going deeper into an area that has impacted his businesses. Tesla stock price fell 6.8 per cent to close at $293.94 on Nasdaq, as Musk's announcement heightened investor worries amid declining sales and a political pursuit of Musk along with his feud with US President Donald Trump. Investors are now concerned that Musk's political ambition could further distract him from his role at Tesla. The steep drop marks one of the worst single-day performances for Tesla this year. Musk unveiled the 'America Party' over the weekend after a public dispute with President Donald Trump on the tax-cut and spending bill. Trump, once an ally of Musk, called the latest idea "ridiculous". The steep fall resulted in Tesla losing more than $68 billion in market cap in a single day on Monday. Musk's latest move raises questions around the EV company board's course of action. Its chair, Robyn Denholm, in May denied a Wall Street Journal report that said board members were looking to replace the Tesla CEO. The company is set to lose more than $80 billion in market valuation if current losses hold, according to a report by Reuters. Tesla stock price has fallen 27 per cent this year as its CEO has devoted more time in politics, hurting Tesla's stand with car buyers. 'The company is set to lose more than $80 billion in market valuation if current losses hold,' equity analyst Jed Dorsheimer was quoted as saying by Bloomberg. The rout witnessed by Tesla shares on Monday has affected Elon Musk's net worth too. The billionaire, who is the richest person in the world, lost $15.3 billion in his net worth in a single day on July 7. Year-to-date, the Tesla CEO's wealth has dropped by $86.7 billion. Elon Musk's current net worth stands at $346 billion, according to the Bloomberg Billionaire's Index. Trump had threatened to cut off the billions of dollars in subsidies that Musk's companies receive after their feud erupted into an all-out social media brawl in early June, wiping off $150 billion in Tesla's market value in a single day. (With inputs from Reuters)
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Business Standard
15-05-2025
- Business
- Business Standard
Billionaire Lakshmi Mittal buys mansion in 'Beverly Hills of Dubai'
By Ambereen Choudhury, Damian Shepherd, Ben Stupples and Zainab Fattah Lakshmi Mittal, among Britain's richest residents, is the buyer of one of Dubai's priciest mansions, people familiar with the matter said. The India-born billionaire snapped up a palatial home in a gated community known as the 'Beverly Hills of Dubai,' said the people, who didn't want to be identified speaking publicly about the purchase, adding the home sold earlier this year. The Baroque style residence in the Emirates Hills community was listed for about $200 million in 2023 and is lavishly decorated with gold leaf, the selling agent said at the time. It sold for around half of the listing price, according to people familiar with the matter. ALSO READ: Steel tycoon Lakshmi Mittal looks to leave UK over govt's non-dom crackdown Mittal is the executive chairman of steelmaking giant ArcelorMittal SA and has a net worth of more than $23 billion, according to the Bloomberg Billionaire's Index. His property purchase ranks among the priciest residential sales ever in Dubai, which has lured the uber-wealthy since the coronavirus pandemic and turned into one of the world's best performing property markets. Indian billionaire Mukesh Ambani's family has also bought luxury real estate in the city, which is part of the United Arab Emirates. Mittal, 74, made the purchase as he joins other wealthy individuals exploring residency options outside the UK, spurred by a wave of tax reforms that have made the country a less attractive place for the global elite. ALSO READ: Lakshmi Mittal discusses mill closure plans with South African officials Mittal has been considering leaving the UK in the fallout of the recent tax changes but no final decision has been made yet, according to a person familiar with the matter, who asked not to be identified as the details are private. Among the measures unsettling the UK's wealthy residents is the scrapping of its preferential tax regime for non-domiciled residents. Under that system, which dates back to 1799 and ended in April, so-called non-doms could avoid UK taxes on their overseas earnings for as long as 15 years. ALSO READ: ArcelorMittal Q1 income dips 14% to $805 mn as sales drop 9% to $14.79 bn Other wealthy individuals who recently did decide to leave the UK include Egyptian billionaire Nassef Sawiris and Bart Becht, the former CEO of Reckitt Benckiser Group Plc, but any move by Mittal to quit the UK would be a particularly high-profile blow for the nation's business sector as Chancellor Rachel Reeves seeks to revive Britain's economy. Mittal's become a figurehead for Britain's community of billionaires hailing from overseas since he and his family relocated to the UK more than two decades ago. Along the way, he's been a focus of parliamentary debates on Britain's preferential tax regimes for wealthy foreigners after donating to the Labour Party under Tony Blair's leadership as his government reviewed the UK's non-dom regime. The steel firm he founded has also made him a prominent figure in Britain's strategic infrastructure, though ArcelorMittal warned the British government last year that one of its main divisions may be forced to leave the nation over plans to redevelop a southeast England port. ALSO READ: ArcelorMittal warns of trade disruption despite strong quarterly profit Mittal's influence in Britain extends beyond business and politics too. He and his wife, Usha, have imported artworks, jewellery and wines to the UK over the past decade, according to public trade data, which still list the Mittals' Kensington home as their address. The family has also committed more than £20 million ($26.6 million) in recent years to healthcare and medical causes in the UK through their namesake foundation based in London, where they have an investment firm, LK Advisers, that helps to oversee their fortune from central Mayfair. A representative for the Mittals said there are no plans to relocate LK Advisers from London.
Yahoo
10-04-2025
- Business
- Yahoo
The world's 10 richest people gained $135 billion in the rally following Trump's tariff rollback — but they're still down $244 billion this year
The world's 10 richest people had a combined $135.33 billion rally in the stock market on Wednesday. Stocks surged after Trump said he'd rolled back tariff plans that had caused the market to plunge. Elon Musk, Jeff Bezos, and Mark Zuckerberg gained $80 billion alone — but they're still down over the past year. The world's richest people saw their net worth once again skyrocket as the stock market surged on Wednesday following the news that President Donald Trump had rolled back his aggressive tariff plan that had, in recent weeks, sent the market into a tailspin. Together, the top 10 wealthiest people saw a combined $135.33 billion rally in their personal fortunes on Wednesday, according to Bloomberg's Billionaire index. Tesla CEO Elon Musk saw the largest single-day gains, raking in $35.9 billion alone, and French billionaire Bernard Arnault was the only one of the top 10 to keep registering losses, slipping down the Bloomberg Billionaire's Index list with a $5.7 billion loss. He's also the only non-American on the list. Still, while Wednesday's market rally reshuffled the rankings, the world's wealthiest people have lost a combined $244.36 billion so far this year. Here's where their fortunes stood after Wednesday's market close, according to the index. Net worth: $326 billion 1-day change: up $35.9 billion Year-to-date change: down $107 billion Of the top 10 list's names, Elon Musk gained the most on Wednesday, seeing personal gains of $35.9 billion during the market rally. Year to date, he's still registering $107 billion in losses. While his net worth has fluctuated wildly in recent months, Musk has maintained his status as the world's richest person despite facing increasing anger for his proximity to the White House's DOGE agency, which has spearheaded cost-cutting across the federal government, and public backlash against Tesla. The backlash coincided with a downturn in the electric vehicle company's stock. Musk's wealth stems primarily from his stakes in Tesla and SpaceX. His other businesses include Neuralink, X, The Boring Company, and xAI. Net worth: $210 billion 1-day change: up $18.5 billion Year-to-date change: down $28.7 billion Jeff Bezos, the founder and executive chairman of Amazon, who stepped down as CEO in 2021, saw his personal wealth increase by $18.5 billion on Wednesday — though he's still down to $28.7 billion this year. In addition to his role at Amazon, Bezos also owns The Washington Post, which he purchased in 2013. The news outlet has seen an exodus of subscribers in recent months as Bezos has ordered the paper's editors not to make a presidential endorsement, and announced that the paper's op-ed pages would only publish viewpoints that support "personal liberties and free markets." Net worth: $207 billion 1-day change: up $25.8 billion Year-to-date change: down $723 million Mark Zuckerberg, whose net worth jumped $25.8 billion on Wednesday, has registered the least amount of losses so far of any billionaire on the top 10 list — only having lost $723 million. Zuckerberg is the cofounder and CEO of Meta Platforms, the social media giant that owns Facebook, WhatsApp, Instagram, and Threads. Net worth: $162 billion 1-day change: up $8.12 billion Year-to-date change: up $20 billion Warren Buffett, 94, is the chairman and CEO of Berkshire Hathaway, and the only member of the top 10 list to have consistently made gains this year. He's up $8.12 billion as of Wednesday, and $20 billion so far in 2025. Buffet's conglomerate holds multibillion-dollar stakes in public companies such as Apple and American Express. His ability to withstand market crashes has earned him a reputation as a legendary investor. Net worth: $159 billion 1-day change: up $15.5 billion Year-to-date change: down $32.7 billion Larry Ellison, a major investor in Tesla, is also the cofounder and chief technology officer of Oracle, among the world's biggest software and cloud computing companies. His year-to-date losses of $32.7 billion were buoyed by his $15.5 billion gains on Wednesday. Business Insider previously reported that Ellison, along with OpenAI's Sam Altman and SoftBank's Masayoshi Son, is spearheading Project Stargate, a $500 billion AI infrastructure initiative supported by Trump. Net worth: $152 billion 1-day change: up $4.81 billion Year-to-date change: down $6.64 billion Bill Gates, the cofounder of Microsoft, stepped down from the tech company's board in 2020 and now owns only a small percentage of its shares. He saw relatively modest gains compared to others on the top 10 list with a $4.81 billion net worth increase on Wednesday, bringing his year-to-date losses to $6.64 billion. Gates now spends the majority of his public life promoting the Gates Foundation, a philanthropic endeavor supporting global health, education, and climate initiatives. Net worth: $148 billion 1-day change: down $5.7 billion Year-to-date change: down $28.4 billion Bernard Arnault is the chairman and CEO of LVMH, the world's largest luxury goods conglomerate that owns more than 75 brands including Louis Vuitton, Dior, and Moët & Chandon. Arnault was the only one of the world's richest people to register further losses after Trump rolled back his tariff plan, losing $5.7 billion on Wednesday, and bringing his total year-to-date losses to $28.4 billion. Net worth: $142 billion 1-day change: up $11 billion Year-to-date change: down $25.8 billion Google cofounder Larry Page remains a board member and major shareholder of its parent company, Alphabet, after stepping down as Alphabet's CEO in 2019. Page's life and finances have been overseen by wealth manager Wayne Osborne since 2012. Though he's registered $25.8 billion in losses so far this year, Wednesday's rally saw Page's net worth increase by $11 billion. Net worth: $136 billion 1-day change: up $11.2 billion Year-to-date change: down $10.1 billion Microsoft's former CEO, Steve Ballmer, remains one of the company's largest individual shareholders with an estimated 4% stake in the tech giant. His net worth on Wednesday increased by $11.2 billion, offsetting the $10.1 billion in losses he has seen so far this year. Ballmer also owns the Los Angeles Clippers, an NBA team Forbes values at $5.5 billion, which he purchased in 2014 for $2 billion. Net worth: $134 billion 1-day change: up $10.2 billion Year-to-date change: down $24.3 billion Like Page, most of Sergey Brin's net worth is tied to Alphabet stock. The Google cofounder played a key role in developing its early search algorithms, and, though he stepped down as the company's president in 2019, he retains a significant amount of Class B shares. The billionaire, whose net worth jumped by $10.2 billion on Wednesday alone, recently made headlines suggesting current Google employees work 60 hours a week to boost production. Read the original article on Business Insider
The Independent
03-04-2025
- Business
- The Independent
Tech moguls who grinned behind Trump at inauguration lose billions in wake of his tariffs announcement
Tech billionaires whose companies donated millions of dollars to Donald Trump lost billions of dollars on Thursday, as the stock market plunged in reaction to his sweeping ' Liberation Day ' agenda of worldwide tariffs. As of 6:30pm Eastern time, Meta stock was down 8.96 percent, Amazon was down 8.98 percent, Google had fallen 3.92 percent, while Apple had plunged over 9 percent. White House adviser Elon Musk 's marquee companies also felt the pain, with Tesla sliding 5.47 percent and X down 8.14 percent. As a result of the sell-off, Meta's Mark Zuckerberg personally lost $17.9 billion, while Amazon founder Jeff Bezos 's wealth declined $16 billion and Musk was down $8.7 billion, according to an analysis from Forbes. All told, the market plunge wiped away $208 billion from the world's richest 500 people, per the Bloomberg Billionaire's Index, the fourth largest one-day decline in the tracker's 13-year history. Treasury Secretary Scott Bessent said Wednesday a market decline was a sign of investors correcting for months of AI hype and over-priced tech stocks, calling it a 'Mag 7 problem, not a MAGA problem,' a reference to the 'Magnificent Seven' tech stocks Apple, Amazon, Tesla, Alphabet, Microsoft, Meta and chip-maker Nvidia. Throughout the 2024 election season, Trump courted an unusual level of support from Big Tech for a hard-right Republican. During the campaign, Elon Musk donated more than $290 million to Trump and Republican-affiliated efforts. Meta and Amazon both gave $1 million to Trump's inauguration, while Apple's Tim Cook personally donated another million. Ahead of Trump taking office, tech CEOs expressed optimism Trump might slash regulation and support the burgeoning artificial intelligence field, where U.S. companies are in an arms race with China. 'I am very optimistic that President Trump is serious about this regulatory agenda,' Bezos said in December. 'If I can help him do that, I'm going to help him, because we do have too much regulation in this country.' 'I think there's a real opportunity in this moment,' Google's Sundar Pichai added that month. 'One of the constraints for A.I. could be the infrastructure we have in this country, including energy. The rate at which we can build things. I think there are real areas where I think he's thinking about and committed to making a difference. So hopefully we can make progress there.' Other companies appeared to court the Trump administration with preemptive policy changes, like Meta, which rolled back diversity and content-moderation policies, while appointing Trump ally and UFC president Dana White to its board. The administration has been a mixed bag since for these tech firms. Vice President JD Vance, himself a former tech venture capitalist, has been outspoken against what he sees as European regulator overreach against U.S. tech companies. 'The Trump administration is troubled by reports that some foreign governments are considering tightening the screws on U.S. tech companies with international footprints,' he said at a conference in February. 'Now America cannot and will not accept that.' Meta's Zuckerberg has reportedly been lobbying Trump for assistance heading off a potential effort from regulators to force Facebook to allow European users to access its Facebook and Instagram platforms without facing personalized ads, which could be a major hit to the firm's business model. The White House has also thrown its support behind a joint OpenAI-Oracle-SoftBank venture called Stargate, which intends to invest up to $500 billion in U.S. AI infrastructure. At the same time, if the market continues to tank, and if, as some firms predicts, a recession arrives within the next 12 months, it could have a major impact on U.S. AI capabilities. signing nuclear power agreements in recent months to secure long-term energy supplies. However, given the capital-intensive, multi-year nature of electricity generation projects, the tariff chaos could stall further long-term investments in the kind of infrastructure tech firms need to keep making AI.
