In a dramatic response to President Donald Trump’s newly imposed tariffs, Elon Musk experienced the largest financial setback among billionaires, as Tesla's stock plummeted by 5% on February 3, 2025. This decline wiped out approximately $11.8 billion from Musk’s net worth, positioning him as the biggest loser amid the market turbulence. Tesla’s shares hit their lowest intraday level since January 2, highlighting the significant impact of tariff uncertainty on the company’s valuation.
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During Tesla's recent earnings call, CFO Vaibhav Taneja highlighted the potential detrimental effects of tariffs, stating that the imposition of such taxes would likely affect both business operations and profitability. Tesla, heavily reliant on a global supply chain for parts, is especially vulnerable to these import tax changes. Moreover, the company generated $20.9 billion in revenue from China in 2024, accounting for over 21% of its total sales, further exacerbating concerns regarding market volatility.
As the broader S&P 500 index experienced fluctuations, the implications of Trump's tariffs have raised alarm among investors, particularly for companies like Tesla and other manufacturers reliant on international trade.
News Source: forbes
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