Elon Musk, the billionaire architect of Tesla, SpaceX, and xAI, has seen his net worth plummet by over $135 billion this year, dipping below $300 billion for the first time since November 2024, according to Bloomberg’s Billionaires Index. The sharp decline, pegged at $298 billion as markets closed last Monday, stems largely from a 44% drop in Tesla’s stock, driven by a global boycott targeting Musk’s political ties and a U.S.-China trade war that’s hammered the electric vehicle giant. As protests escalate and sales falter, the question looms: Can Musk, once untouchable, steer Tesla back to dominance, or is this the beginning of a deeper unraveling?

The boycott, fueled by Musk’s role as co-head of President Donald Trump’s Department of Government Efficiency (DOGE) and his vocal conservatism, has morphed into a cultural and economic force. From Berlin to San Francisco, activists under banners like “Tesla Takedown” have picketed dealerships, vandalized cars, and urged consumers to ditch the brand. A U.K. group, Everyone Hates Elon, made headlines April 10 by smashing a scrapped Tesla with sledgehammers, spray-painting “Tax the rich” in a stunt dubbed “artistic protest.” In the U.S., Tesla’s first-quarter deliveries crashed 13% to 386,810 vehicles—well below Wall Street’s 430,000 forecast—prompting a stock rout that erased $11 billion from Musk’s wealth in a single day last week.

A Boycott Born of Politics

The backlash traces to Musk’s alignment with Trump, a shift that alienated Tesla’s once-loyal base of eco-conscious liberals. His endorsement of far-right figures, like Germany’s Alternative für Deutschland, and a January salute at Trump’s inauguration—decried as “Nazi-like” by critics—ignited fury. Bumper stickers reading “I bought this before Elon went crazy” now dot Tesla’s cars, while France reports 57% of consumers eyeing a boycott. Social media amplifies the rage: “Musk’s torching his own brand,” one X user posted, reflecting a sentiment that Tesla’s woes are self-inflicted.

Democratic lawmakers have fanned the flames. At a March “Tesla Takedown” rally, Rep. Jasmine Crockett (D-TX) declared, “The only language Musk understands is money,” urging economic resistance. New York City Comptroller Brad Lander, suing Tesla over a $300 million pension fund loss, called Musk “distracted” and “driving the company off a cliff.” The protests aren’t just symbolic—dealerships report slashed tires, broken windows, and a Texas bust of Musk defaced with paint. A London bus stop ad mocking Tesla’s “white power steering” went viral, blending satire with venom.

Musk, defiant, frames the attacks as personal. “They want to kill me because I’m stopping their fraud,” he told Fox News last week, accusing activists of “corruption.” He’s pointed fingers at billionaires like George Soros, claiming—without evidence—they’re bankrolling the unrest. Trump, too, has weighed in, vowing to crack down on Tesla vandalism, though his tariffs complicate Musk’s plight.

Tariffs Tighten the Vise

The U.S.-China trade war, reignited by Trump’s 145% tariffs on Chinese goods, has dealt Tesla a second blow. China’s 84% counter-tariffs forced Tesla to suspend orders for U.S.-made Model S and Model X in its biggest market, where it sold 657,000 vehicles in 2024. The Shanghai Gigafactory, churning out Model 3 and Y, shields most sales, but the luxury models’ halt dents Tesla’s premium image. Rival BYD, unhindered by import duties, overtook Tesla’s global revenue last year and now leads market share at 15.7% to Tesla’s 15.3%.

Friday’s tariff pause, announced after a 600-point Dow plunge, offered temporary relief, but Tesla’s stock still shed 4.2%. “The market’s pricing in chaos,” said analyst Laura Henshaw of Pinnacle Insights. “Tariffs make Tesla’s imports unaffordable, and China’s retaliation could choke its supply chain.” Lithium batteries, critical for EVs, face potential export curbs, a risk Musk flagged in a March earnings call. The uncertainty has investors jittery—Tesla’s valuation, once $1.2 trillion, now hovers at $750 billion, still dwarfing Toyota’s $160 billion but bleeding fast.

Musk’s public spat with Trump’s trade advisor Peter Navarro, whom he called “dumber than a sack of bricks” on X, hasn’t helped. The rift, exposing cracks in MAGA unity, underscores Musk’s bind: loyalty to Trump clashes with Tesla’s global needs. “He’s juggling fire,” Henshaw said. “China’s too big to lose, but he can’t ditch Trump either.”

A Fortune Diversified, But Vulnerable

Despite the hit, Musk remains the world’s richest person, his wealth bolstered by SpaceX, valued at $147 billion, and xAI’s Grok, gaining ground against OpenAI. Tesla, though, accounts for 70% of his fortune, making its 44% slide a gut punch. Since January, he’s lost $110–135 billion, per estimates, with Thursday’s tariff fallout alone costing $8.7 billion. Still, his $298 billion net worth dwarfs Meta’s Mark Zuckerberg ($180 billion) and Amazon’s Jeff Bezos ($197 billion), both stung by the same market turmoil.

Musk’s loans—$12.5 billion tied to X’s purchase—add pressure. A Tesla stock drop below $114 could trigger margin calls, though it’s held at $233. Analysts see no immediate peril, given SpaceX’s private valuation and Neuralink’s growth, but the volatility stings. “He’s not going broke,” said economist Paul Dermot. “But Tesla’s his Achilles’ heel.”

What’s Next for Tesla and Musk?

Tesla’s path forward hinges on execution. Musk’s promised Cybercab—a fully autonomous robotaxi sans pedals—aims to redefine mobility, with a 2026 debut teased. The Optimus robot, pitched to replace mundane jobs, could diversify revenue if it escapes vaporware status. Both bets fuel Tesla’s valuation, which assumes a tech revolution despite flatlining sales. “Three-quarters of Tesla’s worth is hope,” Dermot said. “Musk has to deliver, or it’s toast.”

Operationally, Tesla faces headwinds. An aging lineup—Model 3 and Y dominate, but lack freshness—cedes ground to BYD’s sleek Denza and NIO’s luxury EVs. Europe’s sales dipped 10% in Q1, with Germany’s backlash tied to Musk’s politics. U.S. rivals like Rivian report surging demand, while Ford’s F-150 Lightning undercuts Tesla’s Cybertruck. Musk’s plan—zero-interest Model Y loans, a refreshed Model 3—aims to stem losses, but analysts doubt it’s enough. “They need a new hit,” said auto critic Mia Torres.

Musk’s DOGE role, slashing federal jobs, keeps him in Trump’s orbit but fuels boycotts. Rumors of an early exit swirled last week, denied by the White House, yet his juggling act—Tesla, xAI, SpaceX—shows strain. “I’m doing this with great difficulty,” he told Fox Business, a rare crack in his bravado.

A Test of Resilience

The boycott’s impact is debated. Experts note boycotts rarely tank brands—Bud Light’s 2023 dip faded fast—but Tesla’s 13% sales drop suggests real damage. “It’s not just politics,” Torres said. “Competition’s eating their lunch.” Still, Musk’s base remains loyal, with X posts cheering his defiance: “Elon’s fighting the system—keep going.” Others see hubris: “He’s his own worst enemy.”

As Tesla’s April 22 earnings loom, investors watch closely. A strong Cybercab reveal could lift shares; another miss risks further slides. Musk, no stranger to comebacks, has SpaceX’s Starship launch and xAI’s growth as buffers, but Tesla’s fate will shape his legacy. “He’s still the richest guy alive,” Dermot said. “But invincible? That’s in question.” For now, the boycott and tariffs test a man who thrives on chaos—whether he can bend it to his will remains the billion-dollar bet.