Since taking charge of a key governmental division under Donald Trump’s administration, Elon Musk’s business empire has been steadily declining. Currently, Musk is facing an average daily loss of approximately Rs 1.3 trillion (Rs 13,000 crore). Amid this severe financial downturn, on Friday, SpaceX’s Mars-bound rocket, Starship Flight-8, exploded midair and crashed. The world’s richest entrepreneur is certainly not having good days.
Notably, the explosion and destruction of Starship on Friday marked the second consecutive failure for Musk-led SpaceX in space. Just a few days ago, another space-bound rocket from SpaceX had also exploded midair and was destroyed.
After assuming office, Donald Trump appointed Musk as the head of a newly launched division called ‘Dodge’, tasked with reducing unnecessary expenditures in the country. Based on Musk’s recommendations, Trump has imposed tariffs on goods from one country after another, making him an adversary to many leading nations worldwide.
At a time when Musk’s businesses are suffering continuous losses, organized protests have erupted against his various companies across the U.S. Some protestors have even threatened to set fire to Musk’s Tesla car company. Amid this adverse situation, Musk’s business empire has been incurring losses for two consecutive months.
In just a few days of 2025, Musk has already lost $102 billion (Rs 8.88 trillion), setting a global record. He is now recognized as the first person in the world to lose such a massive amount in such a short span. On Thursday alone, Musk lost $10.9 billion. Throughout this year, he has been losing an average of $1.5 billion (Rs13,000 crore) per day.
However, despite these staggering losses, he remains the richest person in the world, as he still holds a $330 billion empire. According to Bloomberg, Musk’s Tesla stock price decline is the primary reason behind his massive financial losses. On Thursday, Tesla’s stock value dropped by more than 5%. At one point, Musk’s total wealth had peaked at $433 billion, but it has now decreased to $330 billion.
However, not just Musk, but several tech industry leaders worldwide are also facing financial losses this year.