Tesla stake is no longer Elon Musk’s most valuable asset amid stock market sell-off | Trump administration

Elon Musk’s vast stake in Tesla is no longer his most valuable asset as the electric car company continues to endure a sharp stock market sell-off.

Musk’s stake in SpaceX, his private rockets and satellites business, is now the billionaire tycoon’s largest asset for the first time in five years, according to Forbes, which still pegs his net worth at $323bn – more than anyone else in the world.

His SpaceX stake is worth an estimated $147bn, about $20bn more than his shares in Tesla after the carmaker’s shares halved since December.

Tesla has come under stark pressure on the market since Donald Trump’s inauguration, as it became clear that much of Musk’s attention is on his work at the so-called “department of government efficiency” (Doge), and the new administration’s tariff policies injected uncertainty into the economy.

Shares in Tesla sank 5.4% on Tuesday, as Wall Street continued to struggle. The benchmark S&P 500 index closed down 1.1%.

Hedge fund short sellers have made over $16bn on paper by betting against Tesla’s stock, according to the Financial Times, which cited analysis by the data provider S3 Partners.

Musk has been spending the last few months orchestrating a vast restructuring of the federal government, overseeing the layoffs of thousands of federal employees in what Musk says is a cost-saving drive.

In an interview with Fox Business, host Larry Kudlow asked Musk how he was handling his businesses while also running Doge. “With great difficulty,” Musk replied. “I’m just here trying to make government more efficient, eliminate waste and fraud,” he continued. “So far, we’re making good progress, actually.”

A new poll from NBC News showed even though slightly more Americans think that Doge is a good idea than a bad idea, more claim to hold negative views about Musk than positive ones.

In a clear attempt to boost Tesla sales, Tesla delivered vehicles to the White House last week and spread them out across the driveway. Trump, while inspecting the cars with Musk, called them “beautiful”.

“Everything’s computer!” Trump exclaimed, after getting into a red Tesla. “That’s beautiful.”