Musk's wealth evaporated by about $15 billion in one day

PANews reported on July 8 that according to Jinshi, Tesla (TSLA.O) shares plunged nearly 7% on Monday after Musk threatened to establish a third political party in the United States, the "American Party" over the weekend. The net worth of the world's richest man evaporated by about $15 billion in one day. Investors are worried that his company may lose federal subsidies due to the conflict with Trump, and then face more obstacles. According to Forbes estimates, with the decline in Tesla's market value, Musk's personal wealth is currently $391 billion, down from $405 billion the day before. Despite the decline, he still maintains a lead of more than $100 billion compared to the second richest man. Tesla's stock price has fallen 31% since Trump took office in January this year.

While the American Party may still influence the political dynamics in the U.S., its direct impact on investor sentiment is undoubtedly negative. For now, the market message is clear: stakeholders would prefer the world’s richest man avoid Capitol Hill and return his attention to the factory floor.