Elon Musk’s net worth fell below $400 billion for the first time in two months, dragged down by a double-digit slide in Tesla Inc.’s share price.
The automaker’s stock has fallen 27% after hitting an all-time high in mid-December on hopes that Musk’s proximity to President Donald Trump would boost the company’s fortunes. Tesla shares and options make up more than 60% of Musk’s wealth, which peaked at $486.4 billion on Dec. 17 in the wake of Trump’s election, according to the Bloomberg Billionaires Index.
