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ELON MUSK'S FORTUNE TAKES A $11 BILLION HIT AS TESLA STOCK PLUMMETS IN WAKE OF NEW TRUMP TARIFFS

April 25, 2019 - Elon Musk, the billionaire CEO of Tesla Inc., has suffered a significant blow to his net worth after the electric vehicle maker's stock price plummeted in the wake of new Trump tariffs.

According to data from Bloomberg, Tesla's stock price fell by over 10% on Tuesday, wiping out nearly $11 billion from Musk's net worth. The billionaire's net worth is now estimated to be around $185 billion, down from a peak of $200 billion earlier this year.

The decline in Tesla's stock price comes after the Trump administration announced a 10% tariff on imported lithium-ion batteries, which are used in Tesla's electric vehicles. The tariffs, which went into effect on Tuesday, are part of a broader trade dispute between the US and China.

Tesla's stock price has been volatile in recent weeks, driven by concerns over the company's ability to meet its production targets and the impact of tariffs on its business. The company's stock price has fallen by over 30% in the past month, wiping out over $50 billion from its market value.

Musk's net worth has fluctuated significantly in recent years, driven by the performance of Tesla's stock price. The billionaire's net worth has increased by over 500% since 2012, when he first became a billionaire.

Despite the decline in his net worth, Musk remains one of the richest people in the world. He is currently ranked as the 20th richest person in the world, according to Forbes' real-time billionaire's index.