Elon Musk - The person who lost the most money due to Trump's import tax

US President Donald Trump has imposed new import tariffs, causing the stock market to plunge. Among those hardest hit, no one lost more money than Elon Musk - the richest man in the world and CEO of Tesla. Tesla's stock price plummeted as the company faced the risk of profit erosion due to the impact of tariffs. Tesla and Elon Musk suffer heavy losses due to President Trump's tariffs Tesla stock fell 5% on Tuesday, the largest drop among the 46 US companies with a market capitalization of over $200 billion. During Tuesday morning's trading session, at one point, Tesla stock dropped as much as 7.5%, reaching its lowest level since January 2nd. This caused Elon Musk's assets to be blown away by $10.9 billion in just one day, according to Forbes' real-time billionaire list. Musk is the largest individual shareholder of Tesla with a 13% stake and may receive an additional 9% bonus stake pending approval. Although the entire market also had a volatile trading session - the S&P 500 index fell 1.9% in the morning before narrowing the decline to 0.4% - Tesla is still one of the hardest hit companies. Tesla faces a double disadvantage as it belongs to two groups of companies most affected by the new import tariffs: car manufacturers relying on the North American supply chain and enterprises with significant revenue from China. In the financial report briefing last week, Tesla's Chief Financial Officer, Vaibhav Taneja, warned that tariffs are "very likely" and will impact the company's operations and profits. He emphasized that Tesla still "relies on components from around the world" to produce electric vehicles and other business areas. Not only Tesla, but also major technology companies like Nvidia specializing in AI chip production and Apple, the iPhone manufacturer - two companies that generate over 15% of their revenue from China - are also negatively impacted by import tax information. China is one of the most important markets for Tesla. In 2024, Tesla generated $20.9 billion in revenue from this market, accounting for over 21% of its total global revenue. If trade tensions continue to escalate and tariffs increase production costs, Tesla may face greater profit pressures in the future. Elon Musk himself has strongly opposed interventions in the market. In May, when the Biden administration imposed import taxes on electric cars from China, Musk spoke out: "Anything that inhibits free trade is not good or distorts the market." How did Elon Musk react to this tax imposition? Unlike his usual frequent commentary on social media, X (formerly Twitter), Musk has been quite silent about the recent developments. When an official in Ontario (Canada) announced the cancellation of a $68 million contract with SpaceX in protest of tariffs, Musk simply responded briefly: "Oh, really." However, Tesla has still had impressive transaction performance since Trump's victory in the November election. The company's stock has risen 53%, despite concerns about import tariffs and the possibility of narrowing tax incentives for electric cars in the future. Currently, Musk is still the richest person in the world with a fortune of $410 billion, more than $150 billion higher than the election period and far ahead of billionaire Jeff Bezos's Amazon, which is worth $160 billion. However, if import taxes continue to put pressure on Tesla, Musk's assets may fluctuate significantly in the future.