Elon Musk’s wealth dropped below $300 billion on Monday for the first time since last year, as the impacts of recent Tesla backlash and sweeping new tariffs collided.

Elon Musk with red MAGA hat

The richest man in the world was worth $298 billion as of market close Monday, according to the Bloomberg Billionaires Index. Since the beginning of the year, Musk’s net worth has declined nearly $135 billion, or around 31%, as calculated by the Bloomberg Billionaires Index.

It’s been a sharp turnaround for the billionaire, who just in December became the first person ever to be worth more than $400 billion. Prior to Monday, his net worth had not dipped below $300 billion since November. His net worth was $264 billion on Nov. 6, according to Bloomberg.

The slide in Musk’s net worth has been fueled by Tesla’s share price slide, with the EV maker’s stock down nearly 40% this year.

Musk and Tesla have faced significant backlash as a result of the CEO’s work in the White House, where he serves as a close advisor to President Donald Trump, especially in the administration’s push for government efficiency via the DOGE office.

Many Tesla investors and fans have expressed concern about Musk not focusing enough on the company. Last month, when Fox Business asked how he was managing his DOGE work and leading his various companies, the Tesla and SpaceX CEO said, “With great difficulty.”

Despite rumors last week that Musk was planning an exit from the White House, he and the Trump administration dismissed the rumors and did not give a timeline for his eventual departure.

Tesla and Musk’s wealth may also be affected by the sweeping tariffs announced by the Trump administration last week, which roiled financial markets. Musk, who has been largely loyal to Trump, has spoken out against tariffs.

On Saturday, he said he wanted “zero” tariffs and a “free trade zone” between the US and Europe, and on Monday, he shared a video of the economist Milton Friedman discussing the benefits of international trade.

Musk’s wealth losses do not yet put him in jeopardy of losing the title of the world’s richest person — runner-up Jeff Bezos was still trailing Musk by over $100 billion as of Monday.